Puma reports €11.4 million operating loss on 5% third-quarter sales decline

Results and cash flow

Analyst estimates compiled by Yahoo Finance put sales at roughly €1.75 billion and the operating loss at about €10 million. Sales fell 6.3% in currency-adjusted terms and were €1.87 billion a year earlier. Puma said the loss included a €29.8 million refund related to US tariffs and €11.7 million of one-time restructuring costs, and attributed the deterioration mainly to lower sales and higher operating expenses, as costs for its growing direct-to-consumer business, marketing and administration outweighed savings from its efficiency programme.

Inventory fell 24.3% to €1.61 billion at the end of September as Puma bought less stock and cleared excess product, a level some analysts had expected only by year-end, according to Yahoo Finance. Free cash flow turned positive at €92 million, from negative €43 million a year earlier, helped by working-capital improvements, lower tax payments and reduced investment. Shares rose around 7% on the report. Yanmei Tang, associate vice president at Third Bridge, said industry experts estimate Puma still has a large amount of old stock to clear, which would make heavier discounting necessary.

Regional and channel sales

EMEA sales fell 11.5% at constant currencies to €801.2 million. The Americas declined 8.1% to €580.4 million, with North America down 17.2%. Asia-Pacific grew 10% to €394.6 million, supported by demand for low-profile footwear such as the Speedcat. Puma blamed part of the decline on its reset measures, including reducing business with mass merchants, and weaker demand from retail partners in EMEA and the Americas, and said the Middle East conflict was weighing on consumer demand, particularly in EMEA and North America.

Wholesale sales fell 9.6% to €1.19 billion as Puma cut business with mass merchants and retail partners bought less. Direct-to-consumer revenue rose 1.2% to €588.3 million, helped by e-commerce growth of 7.8% despite fewer promotions.

Forecast and ownership

Chief executive Arthur Hoeld said the third-quarter performance was "in line with expectations" as Puma moved through a transition year while "laying the foundation for future growth". Hoeld said in October 2025 that Puma would cut 900 corporate jobs, discount less and narrow its product range. The company is completing around 1,400 corporate role cuts made since the start of 2025, TheIndustry.fashion reported.

Puma kept its full-year 2026 forecast for sales to fall by a low- to mid-single-digit percentage on a currency-adjusted basis and narrowed its expected operating loss to €80 million to €130 million, from a previous range of €50 million to €150 million. Hoeld has said the company will make a loss this year and return to growth in 2027 after a "transition year" in 2026.

The results came after Anta Sports completed its purchase of a 29.06% stake in Puma from Artémis on 7 October for €1,505.5 million in cash, becoming Puma's largest shareholder. Anta has said it has no current plans to make a takeover offer, which German securities law would require at 30% ownership, and will seek adequate representation on Puma's supervisory board. Puma will continue to operate as an independently managed company.