Puma shares sink after profit decline
PUMA shares sank to their lowest price in almost two years this week after Europe's second largest sporting-goods maker reported steep declines in profit and sales. Its stock fell as much as 3.8pc to €208.75, its lowest since October 2011. Profits dropped to €31m, from €47m a year earlier. Sales also fell. "Southern Europe and the Far East remain challenging." said the company. It still expects an increase in full-year net income compared to 2012.
Puma is closing stores, eliminating jobs and cutting product ranges to combat declining sales.