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FRANKFURT (Reuters) – On November 9, Puma AG revealed that its third-quarter operating profit fell by 21.6% to 98 million euros, marking a significant decline compared to the same period last year. The company also warned that the fourth quarter of this year could be challenging, with several headwinds expected to persist. However, there is hope that the 2010 FIFA World Cup, hosted in South Africa, might help turn the tide for the brand.
Analysts had anticipated a slightly better performance, expecting earnings of around 101 million euros. Despite the downturn, Puma remains the world's third-largest sportswear manufacturer, trailing only Nike and Adidas. In a recent statement, the company’s president expressed confidence that the upcoming World Cup would provide a much-needed boost. "Due to our strong ties with African football, we believe Hummer will benefit significantly from the event," he said.
Puma’s revenue for the first nine months of the year dropped by 6.3% to 673.4 million euros when adjusted for exchange rate fluctuations. This decline reflects broader challenges in the global sports apparel market, including increased competition and shifting consumer preferences. Still, the company is optimistic about the long-term potential of the World Cup and its ability to drive growth in the coming years.