Home Money The rivals leave Puma in the back foot as slow sales send actions that fall 22.8%

The rivals leave Puma in the back foot as slow sales send actions that fall 22.8%

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Slump: Puma said that sales of the fourth quarter increased 9.8%, below the 12% prognosis by analysts, and annual profits fell to £ 238 million £ 258m

Puma’s shares fell 22.8 percent after the German sportswear brand reported lower sales than expected and a drop in profits, which raises new questions about its ability to compete against the largest adidas and nike rivals .

Just one day after Adidas reported solid results, Puma said that the sales of the fourth quarter increased 9.8 percent, below the 12 percent prognosis by analysts, and annual profits fell to £ 238 million £ 258 million.

The actions sank at their lowest level since March 2018. On the contrary, Adidas’ shares this week reached its highest since the beginning of 2022.

Puma has been marketing new shoes, such as the Speedcat inspired by the racing engine for muscle in a market dominated by Adidas sambas, but JP Morgan analysts said sales have been weaker than expected.

New rapidly growing brands, such as on running and Hoka, have eroded Nike’s domain and created more competition.

Slump: Puma said that sales of the fourth quarter increased 9.8%, below the 12% prognosis by analysts, and annual profits fell to £ 238 million £ 258m

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