Puma perturbed by profitability
Puma has reported a 4.5% sales increase for 2024 to €8.8 billion with growth recorded across all regions, product divisions and distribution channels.
Sales in footwear increased by 5.4% to €4.7 billion, driven by growth in the sportstyle core and kids business as well running and teamsport. Clothing grew by 3.7% to €2.8 billion, while accessories increased by 2% to €1.3 billion.
However, net income declined by 7.6% to €282 million.
Puma CEO Arne Freundt said: “I am pleased that we delivered a solid sales growth on a currency-adjusted basis and improved our gross profit margin in 2024. We made significant progress with our Brand Elevation Strategy, enhancing our brand perception among consumers and achieving strong growth in our performance categories. Strengthening our brand and our performance credibility is crucial for Puma's sustainable success as a sports brand.
“However, despite these successes, I am not satisfied with our stagnant profitability. We must address our current cost trend and we have already been taking decisive actions to improve the situation with our ‘nextlevel' programme. Our outlook for 2025 is below the expectations we set a year ago, both in terms of top and bottom lines. We are fully aware of the root causes of our challenges and are addressing them with full focus and rigour.”
