Stock Market News

Puma shares drop 15% after fourth-quarter sales and profit miss

2025.01.23 03:15

(Reuters) -Shares in Puma (OTC:) dropped 15% as the market opened on Thursday after the German sportswear brand reported lower than expected fourth-quarter sales and a decline in annual profit.

The weak results late on Wednesday came after rival Adidas (OTC:) reported strong sales and profitability, highlighting the work Puma still faces to boost its brand, JP Morgan analysts said.

Puma’s fourth-quarter sales grew 9.8% in currency-adjusted terms, against the 12% growth expected by analysts. Net profit last year was 282 million euros ($293 million), down from 305 million euros in 2023.

© Reuters. FILE PHOTO: A pair of shoes is shown, next to a drink, as sports retailer Puma launches their sportswear collection in collaboration with Porsche Design in Berlin, Germany February 21, 2019. REUTERS/Annegret Hilse/File Photo

The company is scheduled to provide more detailed guidance when it publishes its full-year report on March 12.

($1 = 0.9610 euros)



Source link

Related Articles

Back to top button