Puma has a decline in sales in the second quarter and is therefore more pessimistic for the financial year.
The new Puma boss Arthur Hoeld, the last hope for a business recovery, has a strong damper. He collected the annual goals. The company suffers from a weak demand, which is related to the global US customs disputes, but also has homemade causes. The 2025 annual targets were painted together. In 2025 there was a “reset” and 2026 will be a transition year, said Hoeld, which has only been in office since the beginning of July, on Friday in a conference call with journalists. The share price collapsed.
“In view of the ongoing, geopolitical and macroeconomic uncertainties, Puma assumes that both industry -wide and company -specific challenges will continue to significantly impair business development in 2025,” the company surprisingly announced in Herzogenaurach on Thursday evening.
Hoeld only took the helm with the Herzogenauracher this July, after Puma separated from Arne Freundt in early April after a disappointing business development. The new CEO, who was responsible for global sales until October 2024 as a board member of Adidas, is a serious heritage. The international trade voltages and cautious consumers have been piling up for a long time, unsold goods are increasingly filling the warehouses.
In such a difficult, difficult environment, however, new bosses often rely on “making” big “big”, i.e. to put everything negative on the table.
The weaker sales development of the second quarter should continue for the rest of the year and lead to higher inventory, it was also said by the company on Thursday evening. Puma not only suffers from the consequences of US customs policy. So let the brand dynamics afterwards; In addition, there would be changes in the sales channel mix and in sales quality.
Especially the business development in the key markets of North America, Europe and Großchina was recently weaker. Group sales fell by 2.0 percent to a good 1.94 billion euros in the second annual quarter. Above all, the wholesale business developed significantly weaker. Without taking currency influences into account, the minus was even 8.3 percent. In addition, there was a loss of 13.2 million euros from interest and tax even without one -time costs.
Against this background, the corporate management for 2025 is now expecting a decrease in currency -adjusted sales in the low double -digit percentage range. So far, growth in the low to medium single -digit percentage range had been on schedule. In addition, a loss of interest and taxes (EBIT) should occur after 445 to 525 million euros have been targeted. The US tariff alone is likely to burden the 2025 operating result with around 80 million euros.
In view of the poor prospects, the company cuts its investment plans. With 250 million euros, 50 million euros less are now to be spent than originally planned. According to analyst Robert Krankowski from Bank UBS, the current news underlines the difficulties in increasingly intensive competition.
At the end of October, he wants to explain exactly how exactly, boss Hoeld wants to lead the company out of the misery. Until then, he wants to develop a detailed strategy. The only thing that is certain is that the previous strategy of the adidas rival is not continued. Among other things, the manager referred to the sales and the “story telling”, that is, the way to place the Puma brand on the market.
The company had previously launched a restructuring program because of the weak development. This year, Puma wanted to spend up to 75 million euros alone in order to become more efficient – for example, by closing, not more profitable, self -operated retail stores.
This is how the Puma share reacts
Puma’s forecasting caught the investors cold after the recent course recovery on Friday. In the morning, the shares in the Xetra business slipped by almost a fifth and cost 19.86 euros as little as it has not been since April. In the weak MDAX of the medium -sized companies, they were worth the weakest with this tee of the largest distance. Finally, they insulated their minus to 15 percent. In the end, they cost 20.70 euros (-15.96 percent) – probably only a weak consolation for investors.
Analysts did not give good hair to Puma. Piral Dadhania from the Canadian Bank RBC wrote that the sporting goods manufacturer apparently lacks product and market dynamics. It is still too early to predict the strategic path of the new company boss Arthur Hoeld, which has only been in office since the beginning of July. Regardless of the favorable evaluation, he stays on the sideline with the share.
The adidas and nike competitor is preparing for an even longer phase of weakness. In 2025 there was a “reset” and 2026 will be a transition year, said Hoeld on Friday in a conference call with journalists. Puma suffers from a weak demand, which is related to the global US customs disputes, but also has homemade causes. By the end of October, Hoeld now wants to take the time to develop a detailed strategy. The only thing that is certain is that the previous strategy of the adidas rival is not continued.
In view of the sobering development of the Herzogenauracher, expert Dadhania found drastic words: Puma sees itself towards an existential identity crisis with a view to the importance in a competitive industry and also at a time when the largest actor Nike is facing a comeback next autumn and winter.
Both the figures from Puma and the new goals are a significantly negative surprise despite the decreased expectations, wrote Chiara Battistini from JPmorgan. The market consensus will follow the new goals.
After the disappointing quarter, Puma gave up hope for currency -adjusted sales growth this year. Now a decline in the low double -digit percentage range is expected. According to UBS expert Robert Krankowski, the current news underlines the difficulties in increasingly intensive competition. He has been advising the shares since March.
As early as March, Puma shares had collapsed by a quarter after a warning before a decline in profits. The decline had left a notched notch in the spa chart to this day. Despite the latest recovery, they are in the red 2024 with 53 percent. The setback is now likely to swell significantly again, the annual low of around 18 euros, with which the titles in April had marked the lowest course since the beginning of 2016, focuses on.
dpa-Afx