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.
Diving in at the deep end is no excuse for shirking the style stakes
- 2 Loom bands: Bids for dress made from colourful rubber pass £170,000 on eBay
- 3 Why I'm on the brink of burning my Israeli passport
- 4 L'Oreal cuts ties with Belgium supporter Axelle Despiegelaere after hunting trip photographs
- 5 The true Gaza back-story that the Israelis aren’t telling this week
Game of Thrones author George RR Martin says 'f*** you' to fans who fear he will die before finishing Westeros saga
Loom bands: Bids for dress made from colourful rubber pass £170,000 on eBay
Supermoon 2014: When and why will the moon look bigger and brighter this summer?
Tommy Ramone dies: Last surviving founder and drummer seminal punk band The Ramones dies aged 62
Gaza-Israel conflict: The terrible price Palestinian children are paying for Israel’s war with Hamas
Sustained immigration has not harmed Britons' employment, say government advisers
War is war: Why I stand with Israel
7/7 memorial defaced on anniversary of 2005 attacks with ‘Blair lied thousands died’ graffiti
Australia facing international condemnation after turning around Sri Lankans at sea
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
Socialist Worker called to apologise over ‘vile’ article saying Eton schoolboy Horatio Chapple's death is ‘reason to save the polar bears’
iJobs Money & Business
£70000 per annum: Harrington Starr: Information Security Manager (ISO 27001, A...
£75000 - £85000 per annum + ex bens: Deerfoot IT Resources Limited: Biztalk Te...
£60000 per annum: Harrington Starr: Trade Desk Specialist (FIX, Linux, Windows...
£35000 per annum: Harrington Starr: Service Desk Analyst (Windows, Active Dire...