New Puma CEO says turnaround will take time

HERZOGENAURACH, Germany: The new chief executive of Puma warned it would take some time to turn around the sporting goods maker as it cut its profit outlook for the year and reported a 20 per cent fall in operating profit.

"I am therefore convinced that - although it will take some time - we will turn this business around and make 'the cat' shine again," CEO Bjoern Gulden said on Friday, referring to the group's nickname.

Puma said operating earnings before special items came in at 80 million euros ($107 million) for the third quarter, against the average in a Reuters poll for 81.6 million euros.

The group earlier said in a separate statement 2013 net earnings would now be significantly below the 70 million euros it reported for 2012 due to costs for closing a development centre in Vietnam and moving product staff from London to its headquarters in the southern German town of Herzogenaurach. ($1 = 0.7472 euros)