Puma said that in the U.S. market, sales were down 14.2% to $134.1 million (86.36 million euros), affected by the continued moderate environment in the mall-based business. Puma also said orders for the U.S. by the end of the quarter were down 20.8%.


 


Overall, Puma earned 90.1 million euros ($139.9 million) in the January-March period, compared with 96.6 million euros last year. Global sales, including licensed products, were up 0.5% without the effects of currency fluctuations, but fell to 741.2 million euros ($1.2 billion) in the period from 762.1 million euros a year ago because of the strong euro..


 


In terms of an outlook for the year, the company said its orders are up 12% to nearly 1.2 billion euros, and that “In a challenging market, management confirms a single-digit sales increase on a currency neutral basis.”


 


“In the midst of an overall economic environment that continues to be challenging, Puma has shown resiliency in both growth and desirability,” chief executive Jochen Zeitz said in a statement. “Despite a difficult 2008 outlook, we will continue to invest in our planned initiatives to capitalize on major opportunities with global sporting events and fully maximize Puma's long-term potential.”


 


The company said sales of its footwear were down 4.6% to 404.1 million euros ($627.5 million), led by a decline in the U.S. market, while clothing sales were equal to last year at approximately 246.9 million euros ($383.4 million) in the quarter. Accessories improved by 36% to 90.1 million euros ($139.9 million).


 


By region, Puma said that in Europe, the Middle East and Africa, sales increased nearly 10% to 391.1 million euros ($215.1 million) from 360.9 million euros last year, with growth in all categories. The region now represents nearly 60% of all consolidated sales for the company.


 


Sales in the Americas were down 5.6% to 148.7 million euros ($81.8 million) on a currency neutral basis. Puma said footwear sales were below last year, but accessories and apparel were up. The region now accounts for 22.1% of consolidated sales. In the U.S. market, sales were down 14.2% to $134.1 million (86.36 million euros), affected by the continued moderate environment in the mall-based business.


 


Puma also said orders for the U.S. by the end of the quarter were down 20.8%.


 


In Asia, Puma said that sales were up 13.3% to 133.5 million euros ($73.42 million) with orders rising 24% in the region, which accounts for nearly 20% of its sales.


 


French luxury goods company PPR took over Puma last year, acquiring more than 62% of the company's shares, but Puma continues to report separately and keep its stock market listing.