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Puma Announces Cost-Cutting after 2024 Net Profit Misses Expectations

A handbag with the logo of German sports goods firm Puma is pictured in a shop after the company's annual news conference in Herzogenaurach, Germany February 20, 2014. (Reuters)
A handbag with the logo of German sports goods firm Puma is pictured in a shop after the company's annual news conference in Herzogenaurach, Germany February 20, 2014. (Reuters)
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Puma Announces Cost-Cutting after 2024 Net Profit Misses Expectations

A handbag with the logo of German sports goods firm Puma is pictured in a shop after the company's annual news conference in Herzogenaurach, Germany February 20, 2014. (Reuters)
A handbag with the logo of German sports goods firm Puma is pictured in a shop after the company's annual news conference in Herzogenaurach, Germany February 20, 2014. (Reuters)

Sportswear brand Puma announced a cost-cutting program on Wednesday after reporting 2024 net profit below the prior year's level, missing its expectations.

Net profit was 282 million euros ($294 million) for the year, compared to 305 million euros in 2023, Puma said in preliminary results released after markets closed.

"While we achieved solid sales growth in 2024 and made meaningful progress on our strategic initiatives, we are not satisfied with our profitability," said Arne Freundt, CEO of PUMA, without saying what its expectations were.

The cost-cutting program aims to get Puma back to earnings before interest and tax (EBIT) margin of 8.5% by 2027. The EBIT margin for 2024 was 7.1%.

For the fourth quarter, a key shopping period, Puma reported sales grew by 9.8% in currency-adjusted terms, to 2.289 billion euros ($2.38 billion).

Over 2024 as a whole, sales were up by 4.4% in currency-adjusted terms, to 8.817 billion euros.

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Pharrell Williams Teams with Nigo for Vuitton Show at the Louvre

A model presents a creation for the Louis Vuitton Menswear Ready-to-wear Fall-Winter 2025/2026 collection as part of the Paris Fashion Week, in Paris on January 21, 2025. (Photo by JULIEN DE ROSA / AFP)
A model presents a creation for the Louis Vuitton Menswear Ready-to-wear Fall-Winter 2025/2026 collection as part of the Paris Fashion Week, in Paris on January 21, 2025. (Photo by JULIEN DE ROSA / AFP)
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Pharrell Williams Teams with Nigo for Vuitton Show at the Louvre

A model presents a creation for the Louis Vuitton Menswear Ready-to-wear Fall-Winter 2025/2026 collection as part of the Paris Fashion Week, in Paris on January 21, 2025. (Photo by JULIEN DE ROSA / AFP)
A model presents a creation for the Louis Vuitton Menswear Ready-to-wear Fall-Winter 2025/2026 collection as part of the Paris Fashion Week, in Paris on January 21, 2025. (Photo by JULIEN DE ROSA / AFP)

Louis Vuitton men's creative director, Pharrell Williams, drew his audience to a rear courtyard of the Louvre Museum after dark on Tuesday for a fall-winter catwalk show, kicking off Paris Fashion Week with a line-up of jazzed up streetwear.
Models strode around the set to marching music, parading chunky wool suits, short bomber jackets, leather bermudas and coats in pastels, autumn tones and psychedelic renditions of the brand's signature logo patterns. There were colorful Speedy bags, lobster-claw charms, pearl embellishments, thick jewelry and utility pockets in suede leather. For this collection, Williams, who is also famous as a musician, teamed up with his longtime collaborator, Japanese fashion designer Nigo, currently creative director of another LVMH-owned label, Kenzo.
The pair have been active in street culture for decades, founding the label Billionaire Boys Club in 2003 and playing a role in streetwear's rise to prominence, blending music with fashion.
In the front row, LVMH CEO Bernard Arnault, who attended US President Donald Trump's inauguration on Monday, sat between his wife, Helene Mercier, and NBA basketball player Victor Wembanyama, tapping his foot to the music.
Paris men's Fashion Week runs through Jan. 26 and is followed by Haute Couture shows.
Globally, high-end labels are grappling with a rare slowdown in appetite for fashion and accessories, with the key Chinese market a particular source of concern, while hopes are pinned on the US market for growth this year.