PUMA Reports a €3.3 Million EUR Net Loss for the Second Quarter
Not all bad news though…
German sportswear manufacturer PUMA reported a €3.3 million EUR net loss for the second quarter (April-June), a figure that can be attributed to the strong currency fluctuations, particularly the USD, in addition to increasing spending for marketing efforts. Despite this recent news, not all is negative for the Herzogenaurach-based company as it recorded a larger portion of profits than its biggest rivals in South American and Russia, and also saw its shares rise as much as 3%. CEO Bjorn Gulden remains optimistic after stating, “Investment in new and innovative products is starting to pay off,” when speaking on a 16.2% rise in currency adjusted sales in its footwear sales, and the appointment of Rihanna as the women’s creative director could very well attract a younger customer base in the coming years. Will PUMA bounce back in next quarter? Let us know your thoughts in the comments below.
