Puma to cut 900 jobs as sales take a hit amid US tariffs
The company had already cut 500 roles worldwide this year as part of a cost-cutting program announced in March.
German sportswear maker Puma on Wednesday said that it would cut a further 13% of its workforce globally, equivalent to 900 jobs by the end of 2026, as its sales continued to decline.
The company had already cut 500 roles worldwide this year as part of a cost-cutting program announced in March.
Puma now said it would expand the program, as it attempts to turn around its performance under new chief executive Arthur Hoeld. It has been hit by lower demand for its products and the impact of U.S. tariffs.
The company reported a decline in sales of 10.4% on a currency-adjusted basis to 1.96 billion euros ($2.29 billion) in the third-quarter, slightly below the 1.98 billion expected by analysts in a company-provided poll.
The company said it expects to return to growth from 2027.
