Puma reported lower sales for the second quarter, citing soft demand. Currency-adjusted sales dropped 9.4% to 1.69 billion euros ($1.95 billion). On a reported basis, sales were 9.7% lower year-over-year.

The fall was mainly due to reset measures initiated late last year and lower consumer demand in key regions amid the war in the Middle East. The company said that while performance in the first three months was solid, results for the second quarter were softer, as anticipated.

The group booked an operating loss of 53.1 million euros, compared with a loss of 109.1 million euros in the prior-year period. Puma expects sales to improve sequentially in the second half and reiterated its full-year guidance as it advances its turnaround strategy.