The company blamed “macroeconomic headwinds” and its “relative dependency” on discounted products in the U.S. However “strong growth in other regions more than offset the decline in North America,” Puma said in a statement.
Footwear continues to be Puma’s strongest product category. In the second quarter, sales of Puma shoes rose 18.2 percent. Apparel sales grew 4.2 percent while accessories gained 3.3 percent. However, as the company noted in its statement, “this is in line with expectations that our gross profit margin and profitability will be under more pressure in the first half of the year than in the second half.”
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Source: Variety - 🏆 108. / 63 Read more »