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.

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%.