Puma, the world's third-biggest maker of sportswear and equipment, said today that net profit fell in the third quarter, weighed down by high marketing costs.
Germany-based Puma, which ranks number three in the world behind rivals Nike and Adidas, said in a statement that bottom-line profit fell by 5.4% to €87.1m in the three months from July to September. Pre-tax profit was down 4.8% at €125m, despite a 32% rise in sales to €699m.
Puma had warned at the beginning of the year that earnings would decline this year as a result of heavy investment in new regions and new sports. In the third quarter alone, marketing costs were up 45% year-on-year.
Separately, Puma announced that it had signed a cooperation accord with motorcycle manufacturer Ducati, whereby the German firm would be official footwear supplier for Ducati.
