Puma, German sportswear retailer, decided to suspend its 2019 dividend due to the coronavirus pandemic.
Apart from China, Japan and South Korea, almost all of PUMA’s own stores as well as those of PUMA’s partners have been temporarily closed by the authorities. PUMA’s e-commerce business, while still operational in almost all markets, accounts for less than 10% of the business. This has led to a major decline in net sales and cash inflow. It is currently impossible to foresee how long this situation will last. In order to get through this crisis, we are working closely with all our partners such as retailers, suppliers, landlords, banks, and authorities.
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PUMA is reducing costs and cash outflow wherever possible as well as securing additional financing to ensure that together with their partners they can sustain the value chain in this period. The goal is to get through this pandemic together.