Puma SE shares fell as much as 20% in Frankfurt on Friday after the German sportswear maker issued a profit warning and slashed its full-year guidance, saying it now expects to post an adjusted operating loss in 2025. The company scrapped its previous target of €520–600 million in adjusted earnings before interest and taxes and forecast that currency-adjusted revenue will decline by a low double-digit percentage, reversing an earlier projection for modest growth. Preliminary second-quarter figures showed a gross margin of 46.1% and an adjusted EBIT of –€13.2 million, burdened by €84.6 million in one-time charges. Puma blamed weak demand in North America, Europe and Greater China, persistently high inventories and an estimated €80 million hit to next year’s gross profit from the new 145% U.S. tariff on Chinese goods. New Chief Executive Officer Arthur Hoeld, who assumed the role on 1 July, said the brand needs a reset and pared capital-expenditure plans to about €250 million for 2025.