Puma, Europe's second-largest sportswear manufacturer, has seen year-on-year sales fall by 4.7%, in a period described as "a challenging year" by its chief executive.
Björn Gulden, who took over the top job at the German company last April, has focused the company’s commitment towards traditional sportswear and moving away from fashion products.
But further challenges lie ahead, as the latest results caused its share price to fall to a 12-month low of €203.50, compared to the 52-week high of €249.40 last March.
“2013 has been a challenging year for Puma and there is no doubt that we have issues in terms of lack of brand heat, commercial products and desirable distribution,” said Gulden, who confirmed cash flow had been freed up as a result of the closure of a number of under performing retail stores.
“Nonetheless, Puma is a great brand and with our new brand positioning as the Fastest Sports Brand in the World, we have a clear vision of where we want to go.
Gulden added the company intends to work under a new ‘Forever Faster’ slogan after strengthening its ties with Jamaican Olympian Usain Bolt.
The brand also announced last month that it had agreed a record £150m, five-year kit deal with English Premier League club Arsenal.