HERZOGENAURACH (dpa-AFX) - Sportlifestyle company PUMA SE (PMMAF.PK) said its consolidated EBIT and net earnings for the first half year of 2012 would come in around 11% and 13% respectively below those of 2011, due to a slow-down of PUMA's business particularly in Europe.
Therefore, the company noted that it would speed up as well as significantly expand the scope of its Transformation Program in order to streamline the cost bases and improve efficiencies in terms of organization, processes and systems. PUMA's management estimates that these actions would require one-time costs of up to nearly 100 million euros, to be booked in the second half-year of 2012.
Hence, PUMA has revised its 2012 net sales growth guidance from a high-single digit to a mid-single digit rate and sees annual net earnings to decrease significantly from the 230.1 million euros posted last year, impacted by the aforementioned one-off expense.
Copyright RTT News/dpa-AFX