(BFM Stock Exchange) – The brand with leaping feline unscrewing on the stock market after having announced to expect an operating loss in 2025, under the effect of customs duties.

The question of customs duties and the strong euro against the dollar are the somewhat special guests of this summer season of the results. This Friday, July 25, the automotive supplier Valeo is offset on the stock market after lowering its annual turnover objective due to negative exchange effects. A little earlier in the week, the appliance specialist Seb had lowered his 2025 perspectives due to customs surcharges.

Elsewhere in Europe, Puma has also announced dark perspectives for the current year, citing a drop in sales, unfavorable exchange effects and American customs duties.

Still very fragile, the Bondissant feline brand intends to end the year 2025 on an operating loss where it was still considering making an operating profit between “445 and 525 million euros” in May. American customs duties should weigh on the gross margin up to 80 million euros.

Puma also expects a contraction of at least 10% of its exchange rate sales, against a previous forecast of growth between 1% to 5% (“low-to-lid-single-digit”).

“We are planning a corresponding decrease in action by action (BPA) following the revision of forecasts and we expect a negative reaction from the title to the opening of the market,” said JPMorgan analysts, cited by Reuters in a note published before the opening of European markets.

Pump

The sports supplier still unscrews 15% on the Frankfurt Stock Exchange, at the very end of the session. The market punishes the group for this net lowering of annual prospects and the announcement of a drop in turnover in the second quarter.

Puma saw his income back from 2% to 1.942 billion euros in the second quarter, excluding exchange effects. The group awarded a 9.1% drop in sales in the United States and 3.9% in Europe and China.

The gross margin deteriorated from 70 basic points to be 46.1 %, mainly due to the intensification of promotional offers and unfavorable exchange effects. “This drop was partially offset by the favorable effects linked to supply and freight, as well as by the positive impact of the composition of the distribution channels,” adds Puma.

The operating profit (EBIT) adjusted in the second quarter, excluding non -recurring costs, fell to -13.2 million euros.

Next to it, the group has suffered from its overtocks again. In the second quarter, stocks increased by almost 10% to 2.151 billion euros.

“The drop in turnover observed in the second quarter should continue until the end of 2025, resulting in an increase in stock levels. In this context, Puma will continue to actively reduce its stock levels,” said the company.