Even Bolt cannot help Puma in the race for sales

Proof that publicity can't 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 €396.7m (£330m).

Overall, the German business saw third-quarter sales rise 6 per cent to €892.2m — missing analysts' forecast €906m — while net profit crashed 85 per cent to €12.2m, due to lower sales plus heavy restructuring costs.

Puma now plans to close 80 stores.