Americans may continue to buy shoes and the shoe industry may be recession-proof, but German shoemaker Puma is reporting a drop in sales during the third quarter of 2009.
It is a steep drop too, down by 24% compared to its sales during the same period last year.
According to the company, its net income for the July-September period amounted to 68 million euros (US dlrs 101 million) which is much lower than its income of 89 million euros for the same period last year.
The drop is attributed to declining sales in its footwear in the U.S. market.
However, the sportswear company is hoping that its sales will pick up next year because of the World Cup craze. The German company sponsors 12 African teams (Ghana, Cameroon, Ivory Coast, Mozambique, Egypt, Tunisia, Namibia, Morocco, Angola, Senegal and Togo, and Algeria) and it expects to have a “home field advantage” with the tournament being in Africa.