Shares of Puma fell by 15% at Thursday’s market open after the German sportswear giant reported weaker-than-expected fourth-quarter sales and a drop in annual profits.
The disappointing earnings, released late Wednesday, contrast sharply with rival Adidas, which posted strong sales and profitability. JP Morgan analysts noted that Puma’s results highlight the challenges the brand faces in improving its market position.
In the fourth quarter, Puma saw a 9.8% increase in sales, adjusted for currency fluctuations, falling short of the 12% growth analysts had forecast. The company’s net profit for the year also dipped, coming in at 282 million euros ($293 million), down from 305 million euros in 2023.
Puma is set to release more comprehensive financial guidance on March 12 when it publishes its full-year report.
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