Puma said second-quarter net earnings fell 15.6 per cent to €38.5 million ($55.36 million). According to Reuters, its parent company PPR announced last week that Puma's second-quarter operating results before special items rose 1.2 per cent to €63.1 million on sales of €600.3 million, an increase of 4.1 per cent.
As part of its efforts to combat economic slowdown Puma intensified its cost-cutting measures earlier this year and aims to save up to €150 million per year from 2011.
"We remain highly cautious and anticipate a continued challenging and volatile retail industry due to the decline of private consumption as a result of the weakness in the global economy, which may negatively impact sales in second half," an official statement said.
German rival reported a 2.5 per cent drop in second-quarter sales on Wednesday,
