Even Usain Bolt cannot help Puma in the race for sales
Proof that publicity cannot buy you a profit came from Puma yesterday as the sportswear brand that was plastered across Usain Bolt's chest this summer missed expectations and announced cost-cutting plans.
Puma, a distant third in the sportswear industry behind Nike and Adidas, said sales in Europe and the Middle East fell 3.4 per cent in the third quarter to €397m (£330m).
Overall, the German business saw third-quarter sales rise 6 per cent to €892m – missing analysts' forecast €906m – while net profit crashed 85 per cent to €12.2m, due to lower sales plus heavy restructuring costs.
Puma warned this summer that the 2012 profit would be sharply lower due to weak spending in Europe, and analysts said it failed to produce hi-tech trainers. It now plans to trim its range and close 80 stores.
- 2 Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
- 3 Sofyen Belamouadden murder: The inside story of a crime that horrified Britain
- 4 Company breaks open Apple Watch to discover what it says is 'planned obsolescence'
- 5 Ian Brady: Moors murderer announces his support for Ukip and the SNP
Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
Russian hack of President Obama's emails worse than previously admitted
Ian Brady: Moors murderer announces his support for Ukip and the SNP
UK weather: Britain braced for snow to replace sun as arctic air mass moves in
Nepal earthquake: US Pastor Tony Miano sparks outcry by suggesting Nepalis should convert and not rebuild their 'pagan shrines'
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
General Election 2015: Britain would become a 'communist dictatorship' under Ed Miliband and Nicola Sturgeon, claims wife of Michael Gove
iJobs Money & Business
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50000 - £55000 per annum: Ashdown Group: Business Analyst - Financial Service...
£18000 - £23000 per annum + OTE £45K: SThree: At SThree, we like to be differe...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is the o...