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Puma to Cut 500 Jobs Amid Weak U.S., China Sales and $81.96M Costs

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Updated Mar 12, 2025, 09:31 PM

Puma has announced plans to cut 500 jobs globally, including 150 at its headquarters in Herzogenaurach, Germany, as part of a cost-reduction program initiated earlier this year. The company employs 22,500 people worldwide, according to its 2024 annual report. The job cuts come after Puma issued disappointing financial forecasts for the first quarter and 2025, citing weak demand in the U.S. and China, as well as ongoing geopolitical tensions and trade disputes. The company expects quarterly currency-adjusted sales growth to be in the low single digits and anticipates one-time costs of up to $81.96 million for its efficiency program. Puma projects its 2025 adjusted earnings before interest and taxes (EBIT) to range between $485.5 million and $572.7 million, including the costs of its efficiency initiative. However, the company warned that first-quarter EBIT would be significantly lower than the $173.4 million reported in the same period last year. The German sportswear maker's shares have plummeted, losing over 23% of their value following the announcement. Puma faces increasing competition from larger rivals like Adidas and Nike, as well as emerging brands such as On Running and Hoka.

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Sources

reuters.com(4)wsj.com(3)tijd.be valor.globo.com

CincoDiascom

@CincoDiascom

The Puma sneakers are unstitched. The shares of the footwear and sports accessories manufacturer return to 2016 prices and recorded the biggest drop in its history in the stock market this Wednesday, plummeting by more than 25%. #deportes #Puma Juan Pablo Quintero...

Reuters

@Reuters

Puma on Wednesday announced job cuts and warned of uncertain U.S. consumer demand as the German sportswear group's shares slumped 23% in the wake of disappointing quarterly and annual forecasts issued a day earlier. https://t.co/ZjZYeJDHzp https://t.co/IbZaX6nFtt