Puma will cut 500 jobs worldwide as part of its cost-reduction programme, its CFO said after the German sportswear group late on Tuesday issued disappointing forecasts for the first quarter and 2025 amid weak demand in the U.

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.

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

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.