Shares in sports shoes and apparel manufacturer Puma have plummeted after the company said it expects a sharp drop in profits due to the crisis in Europe. Puma says that low consumer spending in the EU will delay sales growth, which the company had counted on ahead of major summer sporting events, including the London Olympics.
Puma expects net profit for the current year to be significantly lower than the 230,1 million euros earned for the 2011 year. At the same time, profit for the first half of 2012 will fall by 13% compared to the same period last year. Details about the state of Puma's business will be published in a July 26 report, fashionunited.ru reports.