Resurgent sportswear and athletic shoe giant Puma AG is targeting sales of one billion euros in 2003, Frankfurt newspaper Allgemeine Zeitung has reported.

Quoting the company’s chairman and CEO, Jochen Zeitz, the paper said he expects sales to soar 40 per cent this year from last year’s 598 million euros and sees that growth continuing into the next fiscal year.

"We have a fundamentally positive outlook," Zeitz told the paper. "We will grow more, and we want to jump over the one billion euros sales hurdle."

Last month, Puma announced its pre-tax profits for the 13 week period tripled to 24.5 million euros from the year-ago period and sales leapt to 205.9 million euros from 129.3 million euros.