Puma holds to full-year targets after in line Q2

German sportswear giant Puma said Wednesday it is sticking to its full-year targets after business in the second quarter was in line with expectations. "Despite sluggish performances in southern Europe and the Far East as well as currency headwinds impacting sales, Puma's second quarter performance was in line with our full-year guidance," said chief financial officer Michael Laemmermann. Following the group's performance in the first half, management "continues to expect a low to mid single-digit decline in full-year net sales as well as pressure on the gross profit margin during the second half," the statement said. "As a consequence, management reiterates its first quarter guidance and expects an increase in net earnings compared to 2012." In the second quarter, Puma recorded an 8.0-percent decline in sales to 692.3 million euros ($914 million), weighed down particularly by weak sales in Asia. Operating profit slumped by 33.8 percent to 31.2 million euros in the period from January to March and net profit was down by 34.2 percent at 17.5 million euros.