Puma’s Reset Gets Real - Moby THE GIST Puma has ripped off the band-aid. A record loss, another year of expected declines, and a sweeping cleanup plan mark 2025 as the year the sportswear group finally admitted its slide was structural, not cyclical. WHAT HAPPENED Puma reported a net loss of €645.5 million (about $760.4 million) for 2025, swinging sharply from a €281.6 million profit the year before. Sales fell 13% as the company battled weak demand, excess inventory, and the cost of restructuring. It bo ...