Germany's Puma revises 2025 outlook amid sales dip & tariff impact
The gross profit margin declined 70 basis points (bps) to 46.1 per cent due to increased promotional activity and adverse currency effects. The adjusted EBIT of the company fell to €13.2 million, further impacted by lower margins. The company reported one-time costs of €84.6 million (~$99 million). The quarter closed with a net loss of €247 million (~$291.46 million).
North America was down by 9.1 per cent YoY, Europe saw a decline of 3.9 per cent YoY, and Greater China went down by 3.9 per cent, while Latin America was up 16.1 per cent and Eastern Europe, Middle East, and Africa (EEMEA) increased by 0.5 per cent, Puma said in a press release.
Puma has reported a 2 per cent sales decline in Q2 2025 to €1.94 billion (~$2.27 billion), with net loss at €247 million (~$291.46 million) due to lower margins and €84.6 million (~$99 million) in one-time costs. H1 sales dropped 1 per cent to €4.02 billion (~$4.70 billion). Weakened wholesale, US tariffs, and inventory build-up led to a revised forecast: full-year sales are now expected to decline.
Segment-wise, wholesale business saw a declining performance of 6.3 per cent, offsetting a 9.2 per cent increase in direct-to-consumer (DTC) sales, with e-commerce seeing double-digit growth.
Category-wise, footwear grew 5.1 per cent, but this was offset by declines in apparel, which fell by 10.7 per cent, and accessories, which declined by 6.4 per cent.
For the first half (H1) of 2025, preliminary sales dropped 1 per cent to €4.02 billion (~$4.7 billion) a drop of 4.8 per cent on reported basis, with adjusted EBIT at €62.5 million and one-time costs totalling €102.6 million. The net loss stood at €246.6 million. Inventories surged 18.3 per cent currency-adjusted to €2,151 million, driven by higher levels in key markets.
Puma has revised its full-year guidance. Currency-adjusted sales have been forecast to decline by a low double-digit percentage (previously: a low- to mid-single-digit increase).
EBIT for full-year 2025 has been expected to result in a loss (previously: €445 million to €525 million), reflecting softer topline performance, intensified currency headwinds, the impact of US tariffs, and additional one-off measures aimed at cost base alignment in H2 2025. An earnings outlook has been provided for reported EBIT only.
Following the second-quarter results and the subdued growth outlook for the remainder of 2025, capital expenditure plans have been revised to around €250 million (previously: approximately €300 million).
Fibre2Fashion News Desk (SG)
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