German sportswear firm Puma said sales of World Cup soccer boots and national team shirts, as well as new Arsenal jerseys, beat its expectations as it reported second-quarter earnings that fell less than feared.
Puma is trying to restore its reputation for sports performance gear after a foray into fashion has seen it slip further behind the world’s biggest sportswear firms Nike and Adidas. To that end, it ousted Nike as kit supplier to English club Arsenal from next season.
Puma said on Tuesday earnings before interest and tax (EBIT) fell 60 percent to EUR12.6 million (USD16.9m), while net profit was down 76 percent to EUR4.2 million.
(Source: The Malaysian Insider)