Our
Q1 2025
results
PUMA reports flat currency-adjusted sales in the first quarter
May 8, 2025PUMA reports flat currency-adjusted sales in the first quarter
May 8, 2025PUMA’s sales in the first quarter of 2025, the January to March period, came in at € 2,076 million. Adjusted for currency changes, this was flat compared to the same period last year.
The first quarter was full of exciting events, as we launched our biggest-ever brand campaign “Go Wild” and introduced great new products both in Performance and in Sportstyle.
Soon after its launch, the Speedcat Ballet entered the top 3 of the famous Lyst Index of fashion’s most sought-after items. PUMA also presented its first collection to include both performance footwear and apparel with Hyrox, the world series of fitness racing. In Teamsport, we announced an important new partnership with the Premier League, the world’s most watched football league.
With strong demand for our Running, Basketball and Sportstyle categories, currency-adjusted sales in Footwear increased by 2.4% in the first quarter of 2025 compared with the same period last year. Apparel (-1.5%) and Accessories (-5.7%) sales were down.
PUMA recorded strong growth in its Direct-to-Consumer business, which includes e-commerce and our PUMA stores, which was up 12% in Q1 compared with the first three months of 2024. Our wholesale business was soft in the first quarter.
EMEA was the best performer in the first three months of the year among our different regions, with 5.1% currency-adjusted sales growth, driven by a double-digit increase in EEMEA. The Americas (-2.7%) and Asia/Pacific (-4.7%) regions saw lower currency-adjusted sales compared to last year.
In the first quarter and despite a challenging environment, PUMA achieved sales on last year's level in constant currencies.
PUMA announced the nextlevel cost efficiency programme earlier this year. We expect the reduction of about 500 staff positions to be completed by end of the second quarter, and started efficiency initiatives for unprofitable owned-and-operated retail stores, indirect procurement, sourcing and IT.
Despite the challenges we had to face in the first quarter, such as a slightly decreasing gross profit margin and higher operating expenses, we remain committed to executing our nextlevel cost efficiency program which is progressing as planned.
PUMA’s adjusted earnings before interest and taxes (EBIT), often referred to as operating profit, came in broadly in line with our expectations at € 76 million.
The outlook for 2025 remains unchanged. PUMA expects currency-adjusted sales to grow in the low- to mid-single-digit percentage range and an adjusted EBIT in the range of € 520 million to € 600 million in 2025. As it is still not known to what extent US tariffs will come into force, our outlook does not include the potential implications from tariffs that were announced after we gave our initial outlook in March.
