Puma is expecting the currency-adjusted sales to grow in the low-to mid-single-digit percentage range in the current year
Puma, a global sportswear brand, has reported flat first-quarter sales and a decline in its gross profit margins. The gross profit margin decreased by 60 basis points to 47 per cent in Q1 2025, while the currency-adjusted sales were up by 0.1 per cent to 2.076 billion euros.
The company stated that its operating expenses (Opex) increased by 7.1 per cent. Its Direct-to-Consumer (D2C) business, driven by ecommerce, grew by 12 per cent, while its wholesale business declined by four per cent, primarily because of the United States and China.
“In the evolving global trade landscape and amidst macroeconomic volatility, we concentrate on controllable factors and diligently serve our retail partners, consumers and brand ambassadors. Our outlook for the financial year 2025 remains unchanged,” highlighted Markus Neubrand, Chief Financial Officer of Puma SE.
Despite the challenges in the first quarter, the company stated that it remains committed to executing its nextlevel cost efficiency program, which is progressing as planned. “We are on track to have approximately 500 corporate positions reduced globally by the end of the second quarter 2025,” it said. Sharing an update, Puma added that efficiency initiatives have started for unprofitable owned and operated retail stores, indirect procurement, sourcing and IT.
The company’s sales in the Asia-Pacific region decreased 4.7 per cent, reflecting ongoing softness in Greater China. In the Americas region, sales decreased by 2.7 per cent due to a decline in North America, while Latin America recorded double-digit growth during the quarter.
Footwear sales increased by 2.4 per cent, driven by the running, basketball and sportstyle categories. Sales in Apparel decreased by 1.5 per cent, while accessories decreased by 5.7 per cent, as per the company’s statement.
As far as the outlook for 2025 is concerned, Puma highlighted that the company continues to focus on its controllables and expects currency-adjusted sales to grow in the low-to mid-single-digit percentage range in the financial year 2025. Puma stated that it acknowledges the ongoing changes to the additional US tariffs notified recently. “At this stage, the outcome of these developments remains highly uncertain, and therefore this outlook does not include potential implications from tariffs announced after Puma’s initial outlook on 11 March 2025,” it said.
The company plans to continue investing in its retail store network and ecommerce business, along with warehouse and digital infrastructure, to enable its long-term growth objectives.
