World News

Sportswear maker Puma proposes suspending dividend due to virus

BERLIN (Reuters) – German sportswear maker Puma <PUMG.DE> proposed on Friday to suspend its 2019 dividend given the impact of the coronavirus pandemic.

Apart from China, Japan and South Korea, almost all of Puma’s stores have been temporarily closed by the authorities, the company said, while e-commerce accounts for less than 10% of the business.

“This has, of course, led to a major decline in net sales and cash inflow,” the Adidas <ADSGn.DE> rival said in a statement

(Reporting by Thomas Seythal; Editing by Riham Alkousaa)