Oct. 24 - Sports apparel maker Puma said it was looking at more cost cutting as it reported third-quarter results below expectations, hit by a slowdown in Europe and China. Hayley Platt reports.
85% is today's Daily Digit in Europe. 85% is the amount Puma's net profit has fallen by, according to its third quarter results. The Germany-based sportswear group has been hit by a slowdown in consumer spending across Europe. Not even tie ups with sportsmen like Usain Bolt and Cesc Fabregas could boost sales. They fell 3.4 percent in the third quarter to 396 million euros. Puma is now third in the sporting goods industry behind Nike and Adidas. The company has promised new innovations next year, analysts say it will take a couple of years before it achieves a turnaround. But the group says it's taking decisive action. It's cutting its product range by 30 percent, closing 80 loss-making stores and only keeping the sponsorship deals that are lucrative.