The German sporting goods provider Puma SE had to accept loss and result in the first quarter of the 2025 financial year.
The sobering figures that the company released on Thursday did not come as a surprise: In mid -March, Puma had already warned of weak business development in the first weeks of the year and a little later announced the separation from his CEO Arne Freundt. From the beginning of July, the former Adidas manager Arthur Hoeld is scheduled to run the company.
Weak businesses in China and the USA are burdening the development
According to the now published figures, the group sales were 2.08 billion euros from January to March. This corresponded to a decline of 1.3 percent compared to the previous year. However, adjusted to change course changes were slightly increasing (+0.1 percent).
In the EMEA region, which comprises Europe, the Middle East and Africa, sales rose by 4.2 percent (currency -adjusted +5.1 percent) to 891.7 million euros. However, this was not enough to compensate for losses in other important markets. In the Asian -Pacific area, the proceeds due to the “persistent weakness in Großchina” decreased by 5.7 percent (currency -adjusted -4.7 percent) to EUR 430.5 million, in America they dropped by 4.6 percent (adjusted to currency -2.7 percent) to EUR 753.7 million in particular due to declining figures in the United States.
A lower gross margin and one -off loads as part of the ongoing savings program “NextLevel” ensured that the designated operational profit (EBIT) slipped by 63.7 percent to 57.7 million euros. Adjusted for special effects, he fell by 52.4 percent to 75.7 million euros. The group result, which had reached a height of 87.3 million euros in the first quarter of the previous year, shrank to only 0.5 million euros (-99.5 percent).
CFO Markus Neubrand sees Puma “on course” in the ongoing savings efforts
Chief Financial Officer (CFO) Markus Neubrand, who has been doing the company with its board colleagues, temporarily leading the company to Freundt’s farewell, referred to the sobering figures for initial progress in ongoing reform measures. “Despite the challenges in this quarter, such as a slightly declining gross yeast margin and higher operational expenses, we focus on the implementation of our“ NextLevel ”cost efficiency program that is progressing. We are on track to reduce 500 jobs worldwide by the end of the second quarter of 2025, ”he said in a statement.
“In the current trade environment and in view of the macroeconomic volatility, we focus on factors that we can control, and on our wholesale partners, consumers: inside and brand ambassadors: to be the best business partners inside,” emphasized Neubrand.
The US government’s customs policy ensures uncertainty
After the results were “largely within the framework of expectations” in the first quarter, management held on to its annual forecasts. For 2025 it continues to expect currency -adjusted sales growth in low to medium single -digit percentage range. The EBIT, which is adjusted for special effects, is to reach a height of 520 to 600 million euros.
However, potential consequences of US customs policy are not taken into account in the forecast. “Since the effects of the US tariffs are very uncertain, we do not quantify the possible consequences at this time,” emphasized CFO Neubrand. “We have already reduced imports from China to the USA and we will remain agile to cope with increased volatility in the market and to react quickly to a changing, external environment.”