Financial Outlook DoubtsThe 2025 outlook falls below market expectations, casting doubt on the reliability of the 2027 target.
Operating Model ChallengesInvestors express concerns over the need for changes to the operating model due to increasing competition and tariffs in the U.S.
Profitability ConcernsThe profit pool in the athletic apparel and footwear space is at a low, affecting major brands like Puma, Nike, Adidas, VF, and Under Armour.
Structural Cost Issues4Q24 results reveal a structural cost issue that the FY25 restructuring plan will only partially address.