Puma stock: Q3 sales fall as 2026 loss outlook narrows
Published on 11/02/2026 at 10:35 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSQ3 Reset Shows Mixed Progress
- Currency-adjusted sales fell 6.3 percent, while Asia/Pacific growth partly offset weaker demand in EMEA and North America.
- Gross margin improved sharply, but higher operating expenses and one-time costs pushed reported EBIT into a loss.
- PUMA kept its sales outlook, narrowed the full-year EBIT loss range and reduced its capital spending target.
PUMA SE reported a mixed third quarter on Friday, October 30, as sales remained under pressure but gross margin and cash generation improved. In its official Q3 2026 release, the Herzogenaurach-based sportswear group said currency-adjusted sales declined 6.3 percent to 1,776.2 million euros in the three months to September 30. Reported sales fell 5.0 percent from 1,870.1 million euros a year earlier.
Sales Pressure Remains Uneven
The decline reflected PUMA's reset measures and weaker consumer demand, particularly in North America and EMEA. EMEA sales fell 11.5 percent on a currency-adjusted basis to 801.2 million euros, while the Americas declined 8.1 percent to 580.4 million euros. Asia/Pacific provided a counterweight, with sales rising 10.0 percent to 394.6 million euros.
The direct-to-consumer business grew 1.2 percent to 588.3 million euros, supported by 7.8 percent growth in e-commerce. Its share of group sales rose to 33.1 percent from 30.5 percent a year earlier. Wholesale revenue fell 9.6 percent as PUMA reduced business with mass merchants and faced weaker demand from retail partners.
Margin Gains Meet Higher Costs
Gross margin increased by about 420 basis points to 49.5 percent. Lower sourcing prices, channel mix, currency effects and a 29.8 million euro tariff refund supported the improvement. The refund contributed about 170 basis points to the margin change.
Those gains did not prevent a decline in profitability. Adjusted EBIT, excluding one-time effects, fell to 0.4 million euros from 26.3 million euros in the prior-year quarter. Reported EBIT was negative 11.4 million euros, compared with positive EBIT of 16.2 million euros a year earlier. One-time costs of 11.7 million euros, mainly for personnel and consulting tied to the cost efficiency program, added to the pressure.
Cash generation was stronger. Free cash flow reached 92.0 million euros, compared with negative free cash flow of 43.0 million euros in Q3 2025. Inventories fell 24.3 percent to 1,608.9 million euros, reflecting lower purchasing volumes.
Outlook Narrows as Reset Continues
PUMA kept its full-year sales outlook for a low- to mid-single-digit currency-adjusted decline. It narrowed the expected 2026 EBIT loss to between 80 million and 130 million euros, compared with the previous range of 50 million to 150 million euros. Capital spending is now expected to remain below 150 million euros, down from a previous indication of around 200 million euros.
Management expects sales performance to improve further in the fourth quarter, but described the recovery as gradual. The next operational focus will be on running, training, sportstyle, direct-to-consumer channels and digital infrastructure. Arne Arens is scheduled to become Chief Commercial Officer and join the Management Board on November 15, 2026.
The real-time quote of Puma stock was 27.04 euros on Lang & Schwarz at 10:31 CET on Monday, November 2, 1.58 percent above the Xetra close of Friday, October 30. The Xetra close of 26.62 euros is reported by comdirect.
PUMA SE at a Glance
- Company: PUMA SE
- ISIN: DE0006969603
- WKN: 696960
- Ticker: PUM
- Trading venue: Xetra
- Lang & Schwarz quote: 27.04 euros at 10:31 CET on November 2, 2026
- Change versus Xetra close: 1.58 percent above 26.62 euros on October 30, 2026
- 52-week range: 15.30 to 30.31 euros
- Market capitalization: 3.92 billion euros
- Sector: Sporting goods
The DAX provides the broader German equity-market context for investors following PUMA: Current market reports.
