Puma - down at heel Puma should be enjoying its summer of sport - cat logo-clad Italian footballers reached the final of Euro 2012, while Usain Bolt will wear the company's kit when he competes in the 100m at the Olympic Games. But instead of having fun, the sporting goods group has served up a profit warning - net earnings for the first half of 2012 will be 13 per cent below the €115m reported for the same period last year. The company will also take a €100m restructuring charge. Investors might well wonder what is going on. The culprit is not on the sporting field (despite Italy's drubbing by Adidas-wearing Spain in the football) but in the stands. Puma's revival over the past decade has been driven by its popularity with fashion-conscious youngsters. So it is not helpful that youth unemployment in the eurozone is up from 15 per cent in 2007 to 22 per cent now. Puma generates 45 per cent of sales from Europe, the Middle East and Africa, so the fall in spending power hurts, as does growing competition in the sports lifestyle market. The company is also damaged by its reliance on shoes, which account for about half of sales. According to data from Euromonitor, sports footwear will underperform sports clothing in western Europe this year. Puma is not alone. Nike missed its earnings forecasts in June, blaming rising costs as well as the European economy. Shares in both have been slow out of the blocks this year, down 5 per cent and 4 per cent respectively. Adidas has been stronger, but all eyes will be on its first-half results early in August. As for Puma, its shares fell 5 per cent in response to Wednesday's announcement. That is less harsh than might be expected, reflecting the possibility that 80 per cent shareholder PPR could bid for the rest. As the Olympics get under way, Puma shareholders should focus on the action away from the track.