Puma (ETR:PUM) shares tanked 20% in early trading in Frankfurt after the sportswear giant delivered another disappointing set of results.
Puma warned that 2025 will be another slow year, blaming global trade tensions, currency swings and economic uncertainty - the second time in less than two months it has sounded the earnings alarm.
It now expects adjusted earnings of between €520 million and €600 million before interest and taxes, far below analyst estimates of €674 million. Sales are only expected to grow in the low- to mid-single digits, also missing forecasts.
Puma now faces an uphill battle to meet its long-term target of an 8.5% profit margin by 2027, a goal it already delayed in January. To improve efficiency, the company is cutting costs, but even with savings, this year’s profits will be well below last year’s levels.
The stock was off €5.76 at €22.65,