Mixed results at Puma
German sportswear firm Puma has posted improved financial results in the first half of 2008.
Currency-adjusted brand sales rose 2.7% to €1.4 billion in the first six months, although year-on-year footwear sales declined 1.3% to €735.7 million.
However, on a currency-neutral basis, footwear sales rose 7% to €325.1 million in the second quarter, and 2.8% in the first half to €719.4 million.
Total net earnings increased by 0.9% to €45.6 million in the second quarter, but fell 4.3% to €135.7 million in the first half.
According to CEO, Jochen Zeitz: “Puma’s performance in the second quarter improved at a steady pace, ahead of the Q1 progression.” He appeared optimistic about the rest of the year: “I remain confident in Puma’s ability to achieve another year of top-line growth despite an ongoing difficult global consumer environment.”
