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P_02 CATch up | # 10_July 2012<br />
Franz Koch FIRST HALF RESuLTS<br />
SHOW PuMA’S NEEd<br />
TO TRANSFORM<br />
”<br />
GROWING<br />
IN BIG STEPS<br />
POSES A<br />
CHALLENGE<br />
“<br />
EdITORIAL P _03<br />
After PUMA has been tremendously successful over the<br />
past two decades, we are now going through a rough patch.<br />
While we continue to grow and expect another record year<br />
in terms of sales, PUMA’s slow-down in sales growth as well<br />
as our earnings performance in the first half of this year have<br />
failed to <strong>com</strong>e up to our own expectations.<br />
When we launched our “Back on the Attack”-Plan in Autumn<br />
2010, we already pointed out that 2011 and 2012 will<br />
be transition years, in which increased investments would<br />
be necessary in order to achieve our long-term objectives.<br />
However, as a consequence of a deteriorating market environment<br />
particularly in our biggest region, Europe, in <strong>com</strong>bination<br />
with severe cost pressure due to significant investments<br />
made, PUMA's Management has decided to speed up<br />
its change management program. This is the most extensive<br />
reorganization of the <strong>com</strong>pany since 1993,<br />
>
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