Puma swings to a loss

Sportswear group Puma yesterday said it is ending its sailing sponsorship deals as it swung to a quarterly loss of €42.6m. The German firm last month axed its sponsorship of the Irish rugby union team kit. Chief executive Franz Koch told journalists that it would take “some time” before Puma’s cost savings brought visible success, with sales this year expected to remain on a level with 2012’s total of €3.27bn (£2.83bn).