PUMA had a solid 2024. The German sportswear giant on Wednesday shared its financial report for the full year ending December 31, 2024, revealing that its sales increased by 4.4% to reach €8.817 billion EUR in the 12-month period. The positive results were supported by growth in all regions, product divisions, and distribution channels, according to the brand.
The company’s gross profit margin was up by 100 basis points to 47.7% despite currency headwinds, but net income fell by 7.6% to €282 million EUR, thanks to higher net interest expenses. Meanwhile, inventories increased by 11.6% to €2.014 billion USD to “adequate levels,” which the company said was driven by a higher level of goods in transit for the 2025 product cycle.
Arne Freundt, CEO of PUMA, said he was “pleased” with the company’s “solid sales growth.” He added, “We made significant progress with our Brand Elevation Strategy, enhancing our brand perception among consumers and achieving strong growth in our performance categories,” in a statement. “I am also encouraged that we made progress in the transition of our Sportstyle Prime business. We implemented our new product, go-to-market, and marketing strategies for the first time for our Speedcat which shows promising sales numbers in its current go-to-market phase before scaling up this summer.”
Freundt shared that he was not, however, satisfied with the company’s stagnant profitability, stating that the company must address its current cost trend and lower its outlook for 2025.
In the year ahead, the brand “anticipates that geopolitical tensions and macroeconomic challenges will continue, especially trade disputes and currency volatility, which is expected to weigh on consumer sentiment and demand in key markets.” Still, Freundt remains confident that the brand’s “new campaign,” coupled with the launch of its latest running innovations, will positively impact the company’s profitability.
See PUMA’s full FY2024 financial report here.
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