Puma 1Q Net Profit Falls To €5.6 Million

"Due to the worldwide recession, we plan for business to remain challenging in 2009, and have therefore decided to implement further measures to align our cost structure with the current market environment."

The company did not provide a detailed outlook, but said those measures included a cost savings plan which aims to save €150 million by 2011.

Puma however did say it expected benefits from next year's World Cup in South Africa. Puma is the outfitter of 11 African national teams and the defending champion, Italy. That means the company should see a boost in soccer related sales as fans snap up team garb.

Puma said sales in Europe, the Middle East and Africa, which makes up more than half of the company's sales, fell by a currency adjusted 3 percent to €366 million from €391 million in the first quarter a year ago. Sales in the year-ago quarter benefited from sporting events including the Euro2008 soccer tournament and the soccer African Cup of Nations.

Sales in the Americas for the quarter rose 12 percent currency neutral to €178 million from around €160 million in the first quarter a year ago. Sales in the U.S. rose more than 3 percent to €139 million.