Puma reported an 8.1% (or 13.1% on a reported basis) full-year sales decline on a currency-adjusted basis, as compared to 2024, reaching 7.92 billion euros. 

This was mainly due to strategic reset initiatives, including streamlining distribution by reducing promotions and scaling back lower-quality wholesale channels, as well as reorganising internally to strengthen product positioning and brand storytelling. The company also said that it tackled operational inefficiencies and further optimised its cost base.

The group recorded a full-year loss from continuing operations of 643.6 million euros, compared with a profit of 280.7 million euros from continuing operations in the previous year. Earnings per share from continuing operations amounted to minus 4.37 euros.  

“2025 was a reset year for us. We want to establish PUMA as a Top-3 sports brand globally, return to above-industry growth and generate healthy profits in the medium term”, commented Arthur Hoeld, Chief Executive Officer of Puma. 

The company plans to continue tightening distribution and reducing inventory in 2026 through stricter purchasing discipline and targeted clearance. This will involve continuing the cost-efficiency programme, which includes organisational redesign and portfolio simplification, as well as completing the planned reduction of around 1,400 corporate roles. 

Strategically, the company will focus on the key performance and lifestyle pillars of Football, Running, Training and Sportstyle to rebuild brand momentum and drive sustainable growth.

Fourth Quarter Results

In the fourth quarter of the 2025 financial year, the company’s currency-adjusted (ca) sales decreased by 20.7% compared to the same period the previous year, totalling 1.56 billion euros. Adverse currency effects, particularly from the Argentine peso, US dollar and Turkish lira, widened the report decline to 27.2%. 

In the Asia-Pacific region, fourth quarter sales fell year-on-year by 12.6% (ca) to 406.6 million euros, mainly due to weaker wholesale performance in Greater China. In the Americas, sales fell by 22.2% year-on-eyar to 589.2 million euros, primarily due to a clean-up of distribution channels in the US mass market. In the EMEA region, sales fell by 24.3% year-on-year to 569.1 million euros due to reduced wholesale activity, inventory take-backs, and lower promotional activity in the direct-to-consumer (DTC) channel.

In the three months ending on the 31^st of December, the company’s gross margin contracted by 750 basis points to 40.2%, as compared to the same period of the prior year. 

This was mainly due to higher wholesale promotions, inventory reserves linked to distribution clean-up, and adverse currency effects. However, these pressures were offset to some extent by a better product and channel mix, lower freight costs and reduced sourcing expenses, which fully compensated for the impact of US tariffs.

Puma reduced adjusted operating expenses by 7.8% to 887.4 million euros in the fourth quarter, reflecting savings from its cost efficiency programme and lower direct-to-consumer (DTC) costs amid weaker sales.

However, adjusted EBIT turned from a profit of 85.7 million euros in the same period a year earlier to a loss of 228.8 million euros, due to lower sales and a weaker gross margin. Reported EBIT fell to a negative 307.7 million euros, including 78.9 million euros in one-off charges related to the efficiency programme and goodwill impairment.

The sportswear group posted a fourth quarter net loss from continuing operations of 335.0 million euros, as compared with a profit of 24.3 million in euros in the same quarter of 2024, with earnings per share declining to minus 2.27 euros.