BERLIN (Reuters) – German sportswear maker Puma reported stronger-than-expected preliminary quarterly sales and core profit on Thursday, as strong global demand helped offset the effects of the COVID-19 pandemic and supply chain constraints.

Puma warned that there would be a supply shortage and disruptions in manufacturing well into 2022. Due to COVID-19, factories in Vietnam closed down for several months last year.

Puma announced that its fourth quarter sales increased by currency-adjusted 14%, to 1.77 billion euro ($2.01billion), exceeding analysts’ average forecast of 1.63 million euros according to Refinitiv.

Puma shares gained 1.8% in 0931 GMT. It was Germany’s second-largest gainer on the blue-chip index.

Analysts had predicted that the quarterly earnings before taxes and interest (EBIT) would rise to 65m euros in 2020 from 63m.

Puma’s performance in 2021 was better than that of its rivals Adidas (OTC) which will publish the 2021 results on March 9. Nike (NYSE:) reported an increase of 1% in total revenue for its fiscal second quarter figures, which were published in December.

Puma will release its final full year results February 23, 2022.

($1 = 0.8811 euros)