PUMA announces preliminary results for the second quarter and lowers its outlook for 2025

Sports company PUMA today announces preliminary results for the second quarter 2025 and revises its financial outlook for the full year 2025, due to a softer than anticipated topline development and including the expected implications from U.S. Tariffs based on information available as of 23 July 2025.

Softer than anticipated topline development in our key markets (North America, Europe and Greater China) affected PUMA’s sales and earnings performance in the second quarter. As a result, adjusted EBIT came in below expectations in the second quarter. On a preliminary basis, sales for the second quarter declined by 2.0% currency-adjusted (ca) to € 1,942.2 million (-8.3% reported). Adjusted EBIT , excluding one-time costs*, decreased to € -13.2 million. In addition to the overall softer topline development, the decline in adjusted EBIT was mainly driven by the lower gross profit margin. PUMA incurred one-time costs* of € 84.6 million in the second quarter. Net loss for the quarter amounted to € -247.0 million.

Looking ahead , PUMA no longer expects to achieve the currency-adjusted sales growth previously anticipated for the remainder of 2025. The softer topline performance seen in the second quarter is expected to persist for the remainder of 2025, resulting in higher inventory levels. In this context, PUMA will continue to actively reduce inventory levels. In addition, the company also expects ongoing macroeconomic challenges, as well as the mitigated negative impact of U.S. Tariffs (around € 80 million on gross profit), to affect performance throughout the year.

In response to these developments, PUMA has revised its full-year guidance. Currency-adjusted sales are now forecast to decline low double digit percentage (Previously: low- to mid-single-digit percentage currency-adjusted increase).

For the EBIT , we expect a loss in the full year 2025 (Previously: EBIT of € 445 million to € 525 million), reflecting softer topline development, increased currency headwinds, the impact of the U.S. 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.

In response to second quarter performance and the muted growth outlook in the second half of 2025, PUMA has revised its capital expenditure plans for the year and now expects to invest around € 250 million in 2025 (Previously: around € 300 million).

* one-time costs include costs related to the “nextlevel” cost efficiency programme, goodwill impairments and other one-time costs

Originally published by Puma.