PUMA Reports Q2 Sales Decline and Revises 2025 Outlook

In its preliminary results for Q2 2025, PUMA revealed a currency-adjusted sales decline of 2.0% to €1,942 million. Key markets such as North America, Europe, and Greater China saw significant reductions in sales. The decline was partly due to currency impacts and tariffs from the U.S., with a negative effect on sales in euro terms of approximately €135 million.

PUMA's gross profit margin fell by 70 basis points to 46.1%, affected by promotional activities and unfavorable currency effects. This led to an adjusted EBIT loss of €13.2 million. The company recorded a net loss of €247.0 million due to decreased gross profit margin and rising taxes, notably from deferred tax asset write-offs in the US and China.

Looking forward, PUMA has adjusted its full-year forecast, no longer expecting sales growth for 2025. The softer topline and currency headwinds are anticipated to persist, alongside increased inventory levels. Consequently, PUMA reduced its capital expenditure plans for 2025 from €300 million to €250 million.