Puma posts flat Q1 sales, holds outlook but no guidance on tariffs
By Frank Prenesti
Date: Thursday 08 May 2025
(Sharecast News) - Puma reported a fall in first-quarter profits and flat sales as the German sportswear giant declined to provide any estimates on the potential hit from US tariffs.
Operating profit fell 52% year-on-year to €76m, less than the 58% decrease expected by analysts. Sales came in higher than estimated at €2.076bn, a rise of 0.1% year on year and forecasts of €2.04bn.
The company, which has a large manufacturing base in Asia, did say it had moved to reduce its US imports from China after warning in March that it expected an impact from President Donald Trump's tariff policy.
"Due to the highly uncertain implications from the US tariffs, we are not quantifying the potential implications at this stage," said chief financial officer Markus Neubrand in a statement.
Rival Adidas last week warned that the levies would lead to price hikes for all of its US products.
Puma continued to forecast 2025 sales growth in the low- to mid-single-digit percentage range, and operating profit excluding one-time costs of €520m - 600m.
Weak US sales contributed to a 2.7% sales decline in the Americas amid soft sales in Europe and Asia-Pacific, notably China.
The company also maintained its 2025 earnings targets, but acknowledged that its outlook ignored the potential impacts of US President Donald Trump's erratic tariff policies.
Puma in April parted company with chief executive Arne Freundt after a disagreement with the supervisory board over its sales strategy. It is awaiting the arrival of Adidas veteran Arthur Hoeld as CEO in July.
In March, Puma disappointed investors with a gloomy trading update based on trade tariffs, currency swings and escalating geopolitical tensions.
It also said adjusted earnings before interest and taxes would probably fall this year to between €520 million and €600 million, while currency-adjusted sales would only grow in the low- to mid-single-digit range.
Reporting by Frank Prenesti for Sharecast.com
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