Sporting goods firm Puma today (18 July) cut its sales and earnings forecasts after being hurt by sluggish consumer spending in Europe during the first half of the year.

The company also said it would speed up efforts to streamline costs and improve efficiencies in its business - a move that will incur costs of around EUR100m (US$122.4m).

Herzogenaurach, Germany-based Puma said in a statement today that full-year net sales are likely to rise at a "mid-single digit rate", down from earlier guidance for "high-single digit". It also said annual net earnings will "decrease significantly" from the EUR230.1m booked last year.

The company, also said that despite an 8.8% rise in sales in euro terms during the first half, its first-half earnings before interest and tax (EBIT) was 11% lower than a year ago, while net income was down 13%.

The lower forecasts come after Puma in April said its first quarter profit slipped 4.9% to EUR74m.