Difficult comparisons and a significant decline inorders from a large U.S. customer, presumably Foot Locker, impacted Puma’s Q1results and saw the company adjust its FY07 currency-adjusted earnings outlookto “low single digits” from a forecast of 10% in Feb. Low-single digit FY salesgrowth was confirmed in Feb. The remainder of the year “will certainly bechallenging,” management said while reiterating the company’s commitment tolong-term objectives.

Puma continues to believe the brand has €4 billion($5.2 mm) in top line potential but whether that target is achieved in itsphase IV expansion plan “remains to be seen,” management stated. In theshorter-term, Puma will zero in on ... Log in to view full article.