Puma shares tumbled 22.8 per cent after the German sportswear brand reported lower-than-expected sales and a drop in profit – raising fresh questions about its ability to compete against bigger rivals Adidas and Nike.
Just a day after Adidas reported solid results, Puma said fourth-quarter sales rose 9.8 per cent – below the 12 per cent forecast by analysts – and annual profits fell to £238million from £258million.
Shares sank to their lowest level since March 2018. By contrast, Adidas shares this week hit their highest since early 2022.
Puma has been marketing new shoes such as the motor racing-inspired Speedcat to muscle into a market dominated by Adidas’s Sambas, but JP Morgan analysts said the sales have been weaker than expected.
New, fast-growing brands, such as On Running and Hoka have eroded the dominance of Nike and created more competition.
Slump: Puma said fourth-quarter sales rose 9.8% – below the 12% forecast by analysts – and annual profits fell to £238m from £258m
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