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Economic downturn takes toll on Puma
By George Frey |
November 10, 2009, Tuesday
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Print Edition
Print Edition
GERMAN sportswear company Puma AG said yesterday its net income fell 24 percent in the third quarter due to a drop in sales, especially for footwear and in its American markets.
Puma, based in Herzogenaurach, said net income amounted to 68 million euros (US$101 million) in the July-September period, down from 89 million euros in the third quarter of 2008.
Revenue for the period was 6 percent lower at 673 million euros from 713 million euros in the third quarter last year.
Puma is the world's third-largest sportswear firm after crosstown rival Adidas and Nike of the United States.
"The business environment has continued to be as challenging as we had expected, which resulted in a decrease in sales and profits," Jochen Zeitz, Puma's chief executive, said in the company's report.
"Despite this most difficult market, we generated a profit in all three quarters so far, and we expect to be profitable in fourth quarter again. We hope to see first signs of an improving business environment in the run-up to the Football World Cup in South Africa, where Puma, through its strong ties with African football, has a home-field advantage."
The football World Cup in South Africa next year is expected to add significantly to the company's revenue and earnings in coming months as fans snap up jerseys, balls and even cleats in the run-up and during the monthlong tournament that starts June 11. It is the first such tournament ever to be held in Africa, and Puma supplies 11 African national teams - the most of any sportswear company.
Puma, based in Herzogenaurach, said net income amounted to 68 million euros (US$101 million) in the July-September period, down from 89 million euros in the third quarter of 2008.
Revenue for the period was 6 percent lower at 673 million euros from 713 million euros in the third quarter last year.
Puma is the world's third-largest sportswear firm after crosstown rival Adidas and Nike of the United States.
"The business environment has continued to be as challenging as we had expected, which resulted in a decrease in sales and profits," Jochen Zeitz, Puma's chief executive, said in the company's report.
"Despite this most difficult market, we generated a profit in all three quarters so far, and we expect to be profitable in fourth quarter again. We hope to see first signs of an improving business environment in the run-up to the Football World Cup in South Africa, where Puma, through its strong ties with African football, has a home-field advantage."
The football World Cup in South Africa next year is expected to add significantly to the company's revenue and earnings in coming months as fans snap up jerseys, balls and even cleats in the run-up and during the monthlong tournament that starts June 11. It is the first such tournament ever to be held in Africa, and Puma supplies 11 African national teams - the most of any sportswear company.
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