German sportswear brand Puma has updated its full-year 2025 financial outlook and is now anticipating a low double-digit percentage decrease in currency-adjusted sales amid subdued sales trend seen in the second quarter (Q2).
The brand reported a currency-adjusted sales decline of 2% to €1.94bn ($2.25bn) in Q2 2025, with currency headwinds impacting sales by €135m.
The company’s wholesale business saw a 6.3% decrease to €1.34bn, influenced by “softness” in the US, China and European markets.
In contrast, Puma’s direct-to-consumer (DTC) business grew 9.2% to €601.1m, with e-commerce expanding 19.4% and owned and operated retail stores by 3.4%. The DTC share increased to 30.9%, up from 27.8% in the same quarter of the previous year.
Adjusted earnings before interest and taxes (EBIT) decreased to €-13.2m, with one-time costs related to a “next level” cost efficiency programme and a goodwill impairment of €84.6m affecting the operating result, which stood at €-97.8m.
Net income attributable to non-controlling interests declined, resulting in a net loss of €-247m and earnings per share of €-1.67.
For the first half of 2025, sales decreased 1% to €4.02bn, with currency fluctuations negatively impacting sales by €163m.
Adjusted EBIT for the first half decreased 77.4% to €62.5m, and the reported EBIT was at €-40.1m.
The financial result decreased by 27.7% to €-88.7m, primarily “due to higher net interest expenses”. Net loss amounted to €-246.6m, with earnings per share at €-1.67.
The company predicts the subdued sales trend seen in Q2 will l continue through the year, leading to increased inventory volumes.
It therefore plans to intensify efforts to decrease inventory levels.
Although the company is implementing countermeasures including supply chain enhancements, price revisions and partnerships, US tariffs are still projected to negatively affect gross profit by €80m in 2025.
The company stated: “For the EBIT we expect a loss in the full year 2025 (previously: EBIT of €445m to €525m), reflecting softer topline development, increased currency headwinds, the impact of the US tariffs and additional measures, including one-off charges, to further align the cost base in the second half of the year. We are providing an earnings outlook for reported EBIT only.”
Puma has named Andreas Hubert as its new chief operating officer from 1 September 2025. He will join Puma’s management board, which will then have five members.
Hubert will oversee Puma’s global sourcing operations, encompassing sustainability and product development, IT and logistics.
