US EditionPublished • loading... • Updated
Puma to cut 13% of its workforce as sales continue to decline
Puma will cut 900 corporate jobs by 2026, expanding earlier layoffs amid a 10.4% sales drop and an 80% EBIT decline, under CEO Arthur Hoeld's turnaround plan.
- Puma will eliminate 900 positions from its global corporate workforce by the end of 2026 to address declining sales, according to the company.
- Puma's sales dropped 10.4% to €1.96 billion in the third quarter, which was slightly lower than analysts' expectations of €1.98 billion.
- This follows a cost-cutting program that already cut 500 jobs earlier in the year, as reported by the company.
- The company expects to return to growth by 2027 after significant strategic changes.
Insights by Ground AI
40 Articles
40 Articles
Struggling Puma vows to fight discounting, cut product range and boost brand
Puma's new CEO set out his turnaround plan on Thursday, saying the German sportswear brand would discount less, improve marketing and cut its product range, in addition to cutting 900 corporate jobs.
·United Kingdom
Read Full Article
Puma has accumulated massive problems in recent years - and is slipping into the loss zone. Arthur Hoeld, the new head of the company, now wants to pull the rudder around.
The new CEO is under time pressure, because the sporting goods manufacturer not only loses sales and market share. He also writes down losses – and breaks down further jobs.
·Munich, Germany
Read Full Article
Coverage Details
Total News Sources40
Leaning Left5Leaning Right5Center9Last UpdatedBias Distribution48% Center
Bias Distribution
- 48% of the sources are Center
48% Center
L 26%
C 48%
R 26%
Factuality
To view factuality data please Upgrade to Premium
