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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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Saudi Fashion Commission, Kering Start Screening for 'Kering Generation Award X Saudi Arabia' Winners

The Saudi Fashion Commission logo
The Saudi Fashion Commission logo
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Saudi Fashion Commission, Kering Start Screening for 'Kering Generation Award X Saudi Arabia' Winners

The Saudi Fashion Commission logo
The Saudi Fashion Commission logo

The Fashion Commission and luxury group Kering have launched the selection process for winners of the "Kering Generation Award X Saudi Arabia," a collaborative initiative aimed at training and supporting twenty innovative startups that are making a significant impact in the fashion industry.
The partnership focuses on emphasizing sustainable practices, exploring innovative startups within the fashion and commodities sectors, and establishing award criteria, selection procedures, and development programs for participants.
The application process began in November 2024, inviting startups to submit their applications and embark on a journey toward promoting sustainability. Over 100 startups applied for the program, and 20 were selected to participate in a three-day training camp in Riyadh. The program featured workshops that concentrated on the development of key performance indicators and goal setting, as well as pitching skills.
On January 14, the shortlist of 20 startups convened in Riyadh for the final presentation session, where each applicant was evaluated according to the three key criteria: customer engagement, circular economy, and water protection.
Following the presentation, the evaluation process commenced to select the top 10 proposals, which the jury will assess based on innovation, relevance to the topic, connection to fashion, and potential impact on nature and society.
The awards ceremony for the "Kering Generation Award X Saudi Arabia" is scheduled for January 27 in Riyadh; the top three winning startups will be announced.
Winners will have the opportunity to participate in a week-long trip to Paris for exclusive mentoring with Kering's sustainability teams and present their innovations at the ChangeNOW Summit 2025.
Fashion Commission CEO Burak Cakmak said that sustainability is central to the Fashion Commission's vision for the industry's future.
He added that the Kering Generation Award X Saudi Arabia aims to showcase and support startups that are fostering significant innovation in circular fashion and environmental stewardship.
Cakmak said the initiative demonstrates the commission’s commitment to advancing solutions that tackle current challenges while paving the way for a more sustainable future in fashion.