March 20, 2018 / 9:26 AM / 9 months ago

Puma sets 2022 targets to lift profits, sales

BERLIN, March 20 (Reuters) - German sportswear brand Puma outlined new mid-term targets on Tuesday, expecting to lift currency-adjusted sales by around 10 percent a year up to 2022 and raise its operating profit margin to about 10 percent of sales by then.

Puma reported an operating margin of 5.6 percent for 2017, well behind German rival Adidas and market leader Nike.

Puma, which saw its shares tumble in January after French parent Kering said it would spin off the brand to its shareholders, also said it will propose a dividend of between 25 and 35 percent of consolidated net earnings starting in 2019.

Puma has revived its fortunes in recent years by spending heavily on sponsoring top soccer teams and partnering with celebrities like singer Rihanna.

Puma last month said it expects to increase its operating profit by another third in 2018 and lift sales by 10 percent, predicting a recovery in soccer sales even after top team Italy failed to qualify for the World Cup. (Reporting by Emma Thomasson Editing by Victoria Bryan)

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