PUMA's net cash position at the end of the first half of the year improved from € 233 million to € 267 million.
Bjørn Gulden, Chief Executive Officer of PUMA SE says, "PUMA's second quarter sales and operating profit developed in line with our expectations. I was very happy with PUMA's visibility during the World Cup in Brazil.”
He adds, “But, as I have said all along, we know that the repositioning of PUMA and the turnaround of the business will take time. However, I feel we are making progress on all our key strategic priorities and we have initiated the right projects to make 2014 the start of the turnaround."
2014 continues to be a turnaround year for PUMA and it will continue to invest strongly in marketing and sports assets, while maintaining tight control on other operating expenditures. PUMA continues to expect flat full year currency adjusted net sales and a slight increase in the gross profit margin, as PUMA replaces lower tier distribution with higher tier distribution channels.
Fibre2fashion News Desk - India