Puma 1Q Net Profit Falls To €5.6 Million

GEORGE FREY

FRANKFURT (AP) — German sportswear company Puma AG said Friday net profit fell substantially in the first quarter as the global recession and restructuring charges hurt sales and earnings.

The Herzogenaurach-based company reported a net profit of €5.6 million ($7.5 million) in the January-March period, a fraction of the €90 million made in the first quarter of 2008.

Puma, which is Germany's second largest sportswear company behind Adidas AG, said sales for the period fell about 1 percent, to €738 million compared with €741 million a year earlier. However adjusted for currency effects, the sales result was pushed down by more than 3 percent. ...