Puma predicts fall in H1 earnings
Despite continuous sales growth at Puma throughout the
first half of 2012, net earnings are expected to be approximately 13% below
those for the first half year of 2011.
Sales rose by 8.8%; however, a slowdown in the company’s European
business has put a strain on net earnings.
In light of this, the sportswear brand has decided to
streamline its cost bases and increase efficiency in terms of organisation,
processes and systems. This is expected to cost approximately EUR100 million, which
will be logged in the second half of 2012.
Puma has revised its full year sales guidance from a
high-single-digit to a mid-single-digit rate and expects annual net earnings to
decrease significantly from the EUR230.1 million posted last year, impacted by
the one-off restructuring expense.
