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SBD Global/May 15, 2013/Finance
Puma Cuts Full-Year Profit Forecast, Stock Falls 3.5% In Frankfurt Trading
Published May 15, 2013
WINDS OF CHANGE: In London, James Wilson reported Puma "underlined the challenge" facing incoming CEO Bjorn Gulden. The warning comes as French group PPR, Puma’s majority owner, "is expected to take a tighter grip on its struggling subsidiary," whose underperformance is being blamed "partly on straying too far from its sports roots towards becoming a lifestyle and leisure brand." Puma’s first-quarter sales fell more than 2% year-on-year to €782M ($1M), but the main point of difference with adidas, where first-quarter sales also fell 2%, "was the decline in profitability" (FINANCIAL TIMES, 5/14).