German sportswear company Puma has posted a first quarter net profit of EUR77.7 million ($113.2 million), for an annualised gain of 7.1%.

Puma sales, once corrected for foreign exchange effects, gained 13.2% to EUR773 million, a statement said.

Chief executive Jochen Zeitz said Puma was “able to mitigate the negative impact we saw from the disastrous events in Japan last month as our Asian/Pacific region contributed with an increase in sales”.

The company reiterated its 2011 forecast for a sales gain of between 5 to 10%, which would bring them close to three billion euros.

Puma hopes to achieve four billion euros in annual sales by 2015.

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