GERMAN sports apparel company Puma plans to return up to 50 per cent of its net income to shareholders, it said on Thursday (Feb 29).
The company will now return between 25 to 40 per cent of the Group’s net income in dividends, up from 25 to 35 per cent, the statement said.
The first tranche of a share buyback programme will begin in March 2024 and end on May 6 2025, the statement added, with Puma expecting to buy back and then cancel 100 million euros’ (S$146 million) worth of shares.
Puma warned of challenging market conditions in results on Tuesday, with sportswear companies having to convince cash-strapped consumers to buy trainers and tracksuits.
The firm’s shares have lagged peers Adidas and Nike in the past fourteen months, weighed down by weaker sales than its competitors. REUTERS
