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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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Emporio Armani Collection Captivates with Textures, Softness at Milan Fashion Week

Models present creations by Emporio Armani during the Milan Fashion Week, in Milan, Italy, 18 January 2025. The Fall/Winter 2025/2026 collections are presented from 17 to 21 January 2025. EPA/MATTEO CORNER
Models present creations by Emporio Armani during the Milan Fashion Week, in Milan, Italy, 18 January 2025. The Fall/Winter 2025/2026 collections are presented from 17 to 21 January 2025. EPA/MATTEO CORNER
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Emporio Armani Collection Captivates with Textures, Softness at Milan Fashion Week

Models present creations by Emporio Armani during the Milan Fashion Week, in Milan, Italy, 18 January 2025. The Fall/Winter 2025/2026 collections are presented from 17 to 21 January 2025. EPA/MATTEO CORNER
Models present creations by Emporio Armani during the Milan Fashion Week, in Milan, Italy, 18 January 2025. The Fall/Winter 2025/2026 collections are presented from 17 to 21 January 2025. EPA/MATTEO CORNER

Giorgio Armani kept his youth game sharp with an Emporio Armani menswear collection presented during Milan Fashion Week on Saturday that was all about texture and glistening surfaces.
Titled “Seductive,” the 90-year-old designer’s Fall-Winter 2025-2026 collection for youthful dressers invited the touch: velvet three-piece suits decorated with delicate watch chains, fine ribbed lurex knitwear, luxurious corduroy pants that puddled around lug sole shoes.
Urban outerwear included belted trenches, sleek, oversized leather coats with deep slits for big steppers and long fake furs. Silken scarves were knotted like a tie, for a tromp l’oeil wave beneath blazers.
The runway show in Armani’s theater opened and closed with a soundtrack of blowing wind, beckoning cold, perhaps as a hex against global warming. Mountaineers toting climbing gear and decked out in color-block parkas in shades of purple, pink, olive and brown opened the show. An urban couple dressed for a party and bundled against the elements closed it.
Armani, dressed in his trademark navy blue, took a bow for the fashion crowd, then posed with models before greeting VIPs, including US actor Toby Wallace, Chinese actor and singer Zeng Shunxi, and model Lennon Gallagher.
Trend Watch: Faux fur collars. Body-con fine knits that glisten. Cap of all sorts, but especially a neat leather beanie.