(Reuters) – Shares in Puma (OTC: ) fell 11% in pre-market trading Thursday after the German sportswear maker said late Wednesday it was unhappy with a decline in earnings last year, also announcing a cost-cutting program. The company said net profit was 282 million euros ($293 million) for the year, compared with 305 million euros in 2023, but its CEO Arne Freundt said he expected stronger sales growth in 2025 than last year.
Analysts at JP Morgan wrote in a note that they forecast “significant cuts” to consensus estimates for operating earnings.
Puma is due to provide more detailed guidance when it publishes its full-year report on March 12.
The shares are at the bottom of the German mid-cap index in the pre-sale.
(1 dollar = 0.9610 euros)
