Puma's profit stamina is running out

The Euro 2012 football tournament and the prospect of star sprinter Usain Bolt striking gold at the Olympics have failed to prevent Puma from issuing a profit warning.

The German sportswear company blamed a "slowdown of business, particularly in Europe" for an alert that its net first-half earnings will be 13 per cent below a year ago. This is despite boasting the Spanish football star Cesc Fabregas and Bolt as its poster boys.

Puma believes full-year sales will grow between 3 per cent and 7 per cent, having earlier predicted a near-10 per cent rise.