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JD Sports Fashion Plc Says Exploring Additional Funding Options

JD Sports Fashion Plc Says Exploring Additional Funding Options
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JD Sports Fashion Plc Says Exploring Additional Funding Options

JD Sports Fashion Plc Says Exploring Additional Funding Options

JD Sports Fashion Plc confirmed on Tuesday that it was exploring additional funding options which may involve a non-equity placing, as it looks to increase its flexibility to invest in future strategic opportunities.

The announcement comes a day after Sky News reported here JD Sports Fashion was in talks about a 400 million pound ($545.56 million) share sale, and was considering to launch the placement as early as this week.

Last month, JD bought Shoe Palace for $325 million in cash to expand its business on the US West Coast, Reuters reported.

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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.