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Puma scales down business to combat euro zone instability Friday, 27th July 2012
Puma has spoken of its plans to cut back on sponsorship deals and reduce the amount of products it sells as it fights the effects of a weakened euro zone.
The German sportswear brand has previously warned 2012 profits would fall shy of forecasts after its core European customers cut back on spending.
The company is planning to downsize its store network both in Europe and North America, as well as reducing the number of warehouses it operates.
Second quarter sales in Europe fell three per cent while sales in its biggest product category, footwear, were flat. Sales hit EUR 752.9 million while net earnings were EUR 26.7 million.