The Management has therefore decided to speed up as well as significantly expand the scope of the company’s Transformation Program in order to streamline the cost bases and increase efficiencies in terms of organization, processes and systems. PUMA’s Management estimates that these actions will require one-time costs of up to approximately € 100 million, to be booked in the second half-year of 2012.
The Management therefore revises its previous guidance for PUMA’s 2012 net sales growth from a high-single digit to a mid-single digit rate and expects annual Net Earnings to decrease significantly from the € 230.1 million posted last year, impacted by the aforementioned one-off expense.
Further details of PUMA’s business performance during the second quarter and first half year of 2012 will be provided with the results announcement on 26 July 2012.
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