Puma shares slump as sales development worries analysts

Puma shares accelerated their decline on Tuesday, at times falling as sharply as they did in January. The drop is thought to have been triggered by subdued analyst comments on second-quarter sales following discussions with management.

The sporting goods manufacturer's shares were last down 7.5 percent at 26.02 euros, placing them second to last on the MDax in the afternoon. At times, they had fallen by as much as 9.6 percent.

In response, Bernstein analyst William Woods has now lowered his estimates. He expects a currency-adjusted sales decline of 9 percent for the second quarter. This is below the market consensus, which forecasts a 6 percent decline. Woods cited a normalisation of business activity and challenging comparatives in the US mass-market business as reasons for his move.

Puma is set to release its second-quarter results on July 31.

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