Puma shares lost nearly a fifth of their value as the German apparel maker cited “muted brand momentum,” U.S. tariffs and elevated inventories as reasons why it’s now forecasting a loss on the year.

By Helen Reid and Ozan Ergenay (Reuters) -Puma shares dropped 16% on Friday after the German sportswear brand said it now expects an annual loss as sales decline and U.S. tariffs dent profit. Puma has been struggling to attract shoppers as re-released retro sneakers,