Puma: swings to quarterly loss, shares fall
(CercleFinance.com) - Puma said that it has swung to a loss in the second quarter, as most of its directly operated and partner stores remained closed in April and May.
For the second quarter, the German sportswear brand posted a net loss of 95.6 million euros, or 64 cents per share, compared with a net profit of 49.7 million, or 33 cents a share, a year ago.
Revenue fell by about 32% to 831.1 million, with April sales down 55% year-on-year and May sales down 37%, the group said. Since then, sales trends have improved, with a fall of "only" 6% in June, it added.
"The second quarter of 2020 was the most difficult quarter I have ever experienced," said CEO Björn Gulden.
"The uncertainty surrounding the virus and the fact that the number of infected people globally is still increasing makes it impossible to determine an accurate financial outlook for the full year," he added.
As a result, Puma shares were trading down about 1% in morning trading on Wednesday.
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