German sportswear brand Puma revised its 2025 full-year financial outlook on Thursday, citing weaker-than-expected topline growth and anticipated impacts from U.S. tariffs.
Puma
The company now expects currency-adjusted sales for the year to decline by a low double-digit percentage rate.
In March, Puma announced job cuts and warned of uncertain U.S. consumer demand, saying at the time that its annual currency-adjusted sales would grow in a low- to mid-single-digit percentage rate, compared with 4.4% growth to 8.82 billion euros in 2024.
The sportswear brand also reported second-quarter currency-adjusted sales of 1.94 billion euros ($2.28 billion), missing analysts’ expectations. Analysts polled by LSEG expected Puma to report Q2 sales of 2.09 billion euros.
Puma said that, despite mitigation efforts like supply chain optimization, pricing adjustments and partner collaboration, U.S. tariffs announced by President Donald Trump are expected to reduce gross profit by approximately 80 million euros in 2025.
The grim outlook, which follows weak quarterly sales raises concerns over Puma’s ability to compete with bigger rivals Adidas, opens new tab and Nike while fending off newer, fast-growing brands such as On Running and Deckers Outdoor‘s Hoka. Puma also expects a loss on earnings before interest and taxes for 2025 and revised its capital expenditure plans for the year to around 250 million euros.
