Puma will cut another 900 jobs globally after registering losses of 309 million until September
Puma, the German sports clothing and footwear manufacturer, announced this Thursday that it is expanding its restructuring plan and will lay off 900 more workers worldwide, mainly in the administrative area “in response to the significant expected decline in sales and smaller customer base.” Through a statement, the German group explains that the layoffs, which are equivalent to almost 13% of a workforce of 7,000 employees, will take place between now and the end of 2026.
The firm already eliminated 500 jobs during the second quarter. Its cost savings plan will also involve reducing the size of its product range to reduce the number of new products launched each season and addressing operational inefficiencies. “At the end of July, we announced that 2025 would be a year of restructuring. Since then, we have taken important steps to optimize Puma’s distribution, improve our cash management and restructure our operating expenses,” said Arthur Hoeld, CEO of the company.
Puma registered losses of 308.9 million euros between January and Septemberin contrast to the attributable net profit of 257.1 million recorded by the company in the same period of the previous year, according to the accounts published this Thursday. The results include an extraordinary adverse impact of €112.7 million, related to the “nextlevel” efficiency program and a deterioration in goodwill in the second quarter.
As to sales, these totaled 5,974 million euros, which represents a drop of 8.5% compared to the previous year, although the decline when discounting the impact of the exchange rate was 4.3%. The company explained that currency fluctuations, especially the US dollar, the Mexican peso and the Argentine peso, negatively affected sales figures in euros by approximately 288 million.
Among the regions in which it operates, Puma’s sales in Europe, the Middle East and Africa (EMEA) decreased by 3.9%, to 2,574 million; 13.3% in America, up to 2,212 million; and 8.5% in Asia Pacific, up to 1,188 million.
Losses in the third quarter
In the third quarter, Puma recorded losses of 62.3 million euros, compared to the profit of 127.8 million recorded between July and September 2024, while sales reached 1,956 million euros, 15.3% less in absolute figures and 10.4% when discounting the effect of the exchange rate.
Looking ahead to the year as a whole, Puma has confirmed its prospects and continues to expect sales, adjusted for currency, to decline by a low double-digit percentage, while expecting a reported EBIT loss and capital expenditures of around €250 million.
