German sports retailer Puma on Wednesday said Argentina's major devaluation of its currency in December hit its financial results.
Full-year currency-adjusted sales growth was estimated at 6.6%, versus an outlook for high single-digit growth, with sales of around 8.6 million euros ($9.37 million).
Earnings before interest and taxes (EBIT) came in at around 622 million euros.
The impact was particularly pronounced in the fourth quarter, where "the application of hyperinflationary accounting led to a sales decline," Puma said in the results.
However, the consensus does not take negative effects from the extraordinary devaluation of the Argentine peso into account," it added.
Persons:
Puma
Organizations:
Puma, Argentine
Locations:
London