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Puma sales slip

Puma, the footwear, clothing and accessories brand owned by French retail giant PPR, revealed that total sales dropped 5.5% in the third quarter of the year to €673m (£604.5m)

Operating profit was €98m (£88m), a drop of 21.6% on the previous year.

Sales in Europe, the Middle East and Africa dropped 5.6% in the third quarter, resulting in a 5.4% drop in the first nine months of the year. In currency-neutral terms third quarter sales dropped 3.1% to €366.4m (£329.1m) with sales in Western Europe impacted by promotions.

Sales plummeted 10.4% in the Americas during the quarter and grew 1.2% in Asia and the Pacific regions.

Total footwear sales fell 13.1% in the third quarter, clothing sales fell 3% and accessories sales rose 40.4%.

Puma chief executive Jochen Zeitz said: “The business environment has continued to be as challenging as we had expected, which resulted in a decrease in sales and profits. Despite this most difficult market, we generated a profit in all three quarters so far and we expect to be profitable again in the fourth quarter again.”

Zeitz added that he expected the company to benefit in the run up to the Football World Cup in South Africa next year.

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