Puma shares plunge 18% after sales and profit miss
The weak results late on Wednesday came after Adidas reported strong sales and profitability, highlighting the work Puma still faces to boost its brand and take a bigger slice of the $400 billion global sportswear market.
Puma shares were down 18.7% at 34 euros as of 1120 GMT, on course for their worst day ever and hitting their lowest level since March 2018.
Puma has been marketing new shoes such as the motor racing-inspired Speedcat as it tries to muscle into a market dominated by Adidas' retro Samba soccer sneakers, but JPMorgan analysts said sales trends for the Speedcat have been weaker than expected.
Newer, fast-growing brands, such as On Running and Hoka have shaken up the sportswear industry, eroding the dominance of Nike which has seen slowing sales, and creating more competition for shelf space at top sporting goods retailers.
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