Puma Shares Plummet Amid Earnings Disappointment and Cost-Cutting Concerns
German sportswear giant Puma (ETR: PUM) shares tumbled 11% in pre-market trading on Thursday following its announcement of a decline in earnings and plans for cost-cutting measures.
Puma reported a net profit of 282 million euros in 2022, down from 305 million euros the previous year. CEO Arne Freundt expressed dissatisfaction with the performance and expects stronger sales growth in 2025.
Analysts at J.P. Morgan anticipate significant downward revisions to operating earnings estimates. Puma will provide further financial details in its full-year report scheduled for March 12.
Puma shares currently sit at the bottom of the German mid-cap index in pre-market trading.