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Bloomberg Published
January 24, 2025
Puma SE fell as much as 8.4% after the German sports company said earnings this year will be weaker than expected, citing factors including the devaluation of the Argentine peso.
Earnings will probably be in a range of €620 million ($675 million) to €700 million this year, the company said in a statement. That’s lower than the €784 million average of analyst estimates.
The German sneaker maker has struggled in the past year with tepid demand in the US, the world’s largest sports market, and slow momentum in its home European market. Investors are also looking for signs of weakness in the sector after Nike Inc. raised doubts last month about consumer demand in China and around the world.
Shares of rival Adidas AG fell as much as 4.2% after Puma’s statement.
Puma Chief Executive Officer Arne Freundt said in October that the company had been relying on fast growth in regions including Latin America to counteract shrinking sales in the US and weak demand in western and northern Europe.
That momentum, however, has now taken a hit with the devaluation of the Argentine peso. As a result, Puma has instituted hyperinflationary accounting practices and reported fourth-quarter results that missed estimates. Sales for the period were €1.98 billion, short of the €2.26 billion average estimate.
Puma expects to compensate for further devaluation of the Argentine peso this year with price increases, it said.
In the US, Puma has been trying to focus on higher-priced soccer, basketball and running sportswear. The company previously relied on cheaper products there. Puma said in October that it expects to resume growth in the US at some point in 2025, thanks in part to buzzy new collaborations with celebrities including Rihanna and A$AP Rocky.