预期销售额大幅下滑，彪马将在全球再裁员900人

Core Insights - Puma reported a 10.4% decline in sales to €1.9557 billion for Q3 2025, primarily due to strategic adjustments [1] - The company incurred a net loss of €62.3 million, with earnings per share at -€0.42 [1] - Puma plans to streamline approximately 900 white-collar jobs globally by the end of 2026 as part of cost-cutting measures [1] - The gross margin decreased by 260 basis points to 45.2%, attributed to increased promotional activities and rising freight costs [1] - Inventory rose by 17.3% to €2.1241 billion, with expectations to return to normal levels by the end of 2026 [1] Financial Performance - The Americas region experienced the largest sales decline, with a 15.2% drop to €678.1 million [4] - The Asia-Pacific region saw a 9.0% decrease in sales to €367.1 million, significantly impacted by the restructuring of wholesale operations in Greater China [4] - Sales in the EMEA region fell by 7.1% to €910.6 million, primarily due to weak wholesale performance in Europe [4] - Footwear sales decreased by 9.9% to €1.0458 billion, while apparel sales dropped by 12.8% to €635.5 million [4] Strategic Adjustments - Puma is undergoing a strategic adjustment year in 2025, addressing challenges such as weak brand momentum and high inventory levels [3] - The company has reduced non-core wholesale operations and cleaned up excess inventory with retail partners [3] - Direct-to-consumer (DTC) sales growth has been pressured due to these adjustments [4] Future Outlook - For the remainder of 2025, Puma anticipates significant impacts on performance due to geopolitical and macroeconomic uncertainties [4] - The company maintains its full-year guidance, expecting a low double-digit percentage decline in sales and an EBIT loss [5]