Puma expects the rest of the year to remain tough as consumers continue to drag their feet on spending, but the German sports goods maker is hoping for a boost from the soccer World Cup next year.
The world's number three behind Nike and Adidas said today the market environment would remain challenging in the fourth quarter. It posted third-quarter results that broadly met analysts' expectations.
"We hope to see first signs of an improving business environment in the run up to the football World Cup in South Africa, where Puma through its strong ties with African Football has a home field advantage," chief executive Jochen Zeitz said.
Puma's parent company, French retailer PPR, already issued key figures in October when reporting its own results.
Puma's third-quarter earnings before interest and tax (EBIT) fell 21.6 per cent to €98 million, in line with the average estimate in a Reuters poll of analysts of €101 million. Group sales fell 6.3 per cent adjusted for currency fluctuations to €673.4 million.
Reuters