Even Usain Bolt cannot help Puma in the race for sales
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Proof that publicity cannot 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 €397m (£330m).
Overall, the German business saw third-quarter sales rise 6 per cent to €892m – missing analysts' forecast €906m – while net profit crashed 85 per cent to €12.2m, due to lower sales plus heavy restructuring costs.
Puma warned this summer that the 2012 profit would be sharply lower due to weak spending in Europe, and analysts said it failed to produce hi-tech trainers. It now plans to trim its range and close 80 stores.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments