Puma: Turnover down 6.5% to €1.378bn in first half of 2014

German sports supplier Puma announced a 6.5% decrease in its turnover to €1.378bn in the first half of 2014, on 29/07/2014. Puma's turnover in the first half of 2013 was €1.474bn.

"Given PUMA’s results in the first half of the year, we continue to expect flat full year currency adjusted net sales and a slight increase in the gross profit margin," said the company, which is 84%-owned by Kering, a French group specialised in luxury clothing and accessories. Puma had a €3bn turnover in 2013, a 8.7% decrease compared to 2012 (€3.27bn).

Puma's net earnings decreased by 41.3% to €39.8m in the first semester of 2014. Operating result decreased by 35.4% to reach €71.2m for the same period. The gross margin remained stable at 47.7%.

"2014 continues to be a turnaround year for Puma, where the brand will be re-established in the marketplace and brought back to a path of profitable and sustainable growth in the mid-term. To support this turnaround, PUMA will continue to invest strongly in marketing and sports assets, while maintaining tight control on other operating expenditures," said Puma on…