German sports brand Puma has revised its 2025 outlook down after US tariffs, currency impacts and falling demand meant sales for the second quarter fell 2% to €1.9 billion.

Currencies negatively impacted sales by €135 million.

The growth in the footwear business (+5.1%), was more than offset by a decline in apparel (-10.7%) and accessories (-6.4%).

Despite ongoing mitigating measures such as "supply chain optimization", higher prices and partner collaboration, the US tariffs are expected to an impact of around €80 million on gross profit for 2025.

The brand now expects annual revenues to decline compared with last year, rather than increase, as previously forecast.

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