Overview

• Puma’s second-quarter currency-adjusted sales fell 2% year-on-year to 1.94 billion euros, led by a 9.1% slump in North American revenues.
• The company slashed its full-year outlook to a low-double-digit sales decline and warned of an operating loss after factoring in U.S. tariffs.
• Shares tumbled about 18% as investors reacted to rising costs, heavy inventory and a shift back to loss-making.
• Inventories surged 18.3% to 2.15 billion euros at quarter-end, prompting deeper discounting and reduced factory orders.
• New CEO Arthur Hoeld has declared 2025 a reset year and will unveil a full turnaround strategy by October as Puma raises prices and cuts orders to manage costs.