Puma on Wednesday announced job cuts and warned of uncertain U.S. consumer demand as the German sportswear group's shares slumped 23% in the wake of disappointing quarterly and annual forecasts issued a day earlier.

(Reuters) - Puma will cut 500 jobs worldwide as part of its cost-reduction programme, its CFO said in a conference with journalists after the German sportswear group late on Tuesday gave disappointing forecasts for 2025 and the first quarter due to weak performances in the U.S. and China.

Job reductions will be implemented at the group’s headquarters in Germany and in regional offices. The company has a total workforce of 22,500.

The brand anticipates that ongoing geopolitical tensions and macroeconomic headwinds could dampen consumer confidence and suppress demand.

This comes right after the German sportswear maker posted disappointing quarterly and annual forecasts a day before, resulting in its shares slumping 23%.