Puma to cut sponsor deals, products as battles slump
FRANKFURT (Reuters) - German sportswear maker Puma (PUMG.DE: Quote) said it would cut the number of products it offers and end expensive sponsorship deals as it struggles to offset a slump in its sales in Europe and catch up to rivals in the United States and China.
Puma, which warned on 2012 profit last week after second-quarter earnings plunged, also said Chief Operating Officer Klaus Bauer and Chief Marketing Officer Antonio Bertone would leave the company at the end of the year.
It reported on Thursday second-quarter sales of 752.9 million euros ($912.8 million) and net earnings down 29 percent at 26.7 million. ($1 = 0.8248 euros)
(Reporting by Victoria Bryan)
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