Puma thinks its Palermo sneakers might be this year's Adidas Samba

Grigory Dukor/Reuters

• Puma posted quarterly earnings on Wednesday that pushed shares 12% higher.
• The German sportswear giant flagged rising demand for its Palermo sneakers.
• The "terrace" trend has helped boost sales for Puma and arch rival rival Adidas in recent years.

Puma touted rising demand for its retro terrace-style range on Wednesday as it posted first-quarter earnings that were in line with...