Sporting goods manufacturer secures 900 million euro government loan
The sporting goods manufacturer Puma suffered a drop in profits of over 60 percent to 36,2 million euros in the first quarter due to the corona crisis. Puma suffered particularly from the closure of its stores, initially in China and from mid-March also in Europe and America. Thanks to a good start to the year, sales only fell by 1,5 percent to just under 1,3 billion euros.
“The second quarter will be even worse from a financial perspective, as more than 50 percent of the global retail space for sports and lifestyle products is currently closed,” announced CEO Bjørn Gulden. In order to be able to bridge the period of lower income, the company has secured an additional credit line of 900 million euros.
