Puma shares fell 18% on Friday after the German sportswear brand issued a profit warning for 2025, projecting a low double-digit percentage decline in annual sales and an overall loss. The revised forecast marks a sharp shift from its earlier guidance of modest sales growth. The company cited weak demand for reissued retro sneakers like the Speedcat and ongoing "muted brand momentum." US tariffs on imports from Asia are expected to reduce Puma's 2025 gross profit by 80 million euros ($99.2 million). In an effort to reverse its slump, Puma appointed former Adidas sales head Arthur Hoeld as CEO, effective July 1. However, analysts from JPMorgan said the earnings report and downgraded outlook were significantly below expectations.