Sportswear icon in red

German shoe and sportswear retailer Puma has slipped into the red following a significant restructure in 2012.

The company reported a 69.5 per cent drop in profit for the whole of 2012, with a net of 70.2 million Euros.

The plunge was balanced by an overall rise in net sales, however, with Q4 revenue of 804 million Euros up by 11.7 per cent.

The company said last week that its recent one-off restructuring costs of 98.2 million were to blame for the profit dip.

Tough economic conditions across Europe were also said to hit the retailer’s last quarter trading.

Puma, which first formed in 1924, is currently undergoing a management reshuffle with numerous executives leaving the company.

CEO Franz Koch is set to leave his post by the end of next month.

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