Puma "reported fourth-quarter earnings that missed estimates, adding to investor misery after a slump in the share price last year," according to Aaron Ricadela of BLOOMBERG. Earnings before interest and tax were €10.6M ($12.1M), excluding special items, up from €1.1M a year earlier, but less than the €15.1M average analyst estimate. Full-year profit on that basis slid 33%. The "shares fell" as much as 2.2% in Frankfurt. A recovery program being introduced by Puma CEO Bjoern Gulden "has yet to be reflected in the share price," which declined 27% in '14. Baader Bank analyst Volker Bosse said that estimates for sales and profit growth this year "may need to be reduced in light of the forecast" (BLOOMBERG, 2/16). In London, Chris Bryant wrote Gulden, CEO since '13, described last year’s performance as a “turning point,” but acknowledged that the brand’s transformation would still “take time” to complete. Gulden: "You cannot turn round a company in 12 months." Majority owned by French luxury group Kering, Puma "is trying to overhaul its brand reputation after an unsuccessful foray into fashion sportswear." The company "is focused on developing more innovative sports products, improving the way its goods are marketed in stores and increasing its appeal to female customers -- hence the tie-up with Rihanna" (FINANCIAL TIMES, 2/16).
