Business news : Puma's Earnings Expected to Decline in First Half

Puma lowered its earnings forecast for 2012 after profits in the first six months fell as a result of slowing sales in Europe. The company said that despite an 8.8 percent rise in sales in the first half of 2012, consolidated pre-tax and net earnings for the six months to June will come in approximately 11 percent and 13 percent below prior-year level.

Puma attributed the shortfall "to a slowdown of business particularly in Europe"

For the full year in 2012, Puma revised its previous guidance for 2012 net sales growth "from a high-single digit to a mid-single digit rate" and expects annual net earnings to "decrease significantly from the 230.1 million euros ($282.4 million) posted last year," the statement added.

Full-year earnings would be impacted by one-off costs of some 100 million euros related to restructuring and cost-cutting programs, Puma said.

The lower forecasts come after Puma in April said its first quarter profit slipped 4.9 percent to 74 million  euros.
Puma said it would publish full details of its first half results on July 26.

(SportsOneSource Media)

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