Puma stock: Q3 sales fall as 2026 loss outlook narrows

PUMA reported a weaker third quarter on October 30, 2026, while narrowing its full-year operating-loss range. The company said the transition plan was progressing, but continued weak demand in North America and Europe weighed on sales.

PUMA stock traded at 26.59 euros on Lang & Schwarz at 11:15 CET on Monday, November 9, 2026. The quote was published in the real-time quote of Puma stock.

Sales pressure meets operating reset

According to PUMA's October 30 release, third-quarter sales fell 6.3 percent on a currency-adjusted basis to 1,776.2 million euros. Reported sales declined 5.0 percent, with currency movements providing a benefit of about 130 basis points.

The decline reflected measures to reduce less desirable mass-merchant business and weaker consumer demand in North America and EMEA. Asia/Pacific sales rose 10.0 percent to 394.6 million euros, while direct-to-consumer sales increased 1.2 percent. E-commerce grew 7.8 percent, lifting the direct-to-consumer share of sales to 33.1 percent from 30.5 percent a year earlier.

Margin gains cannot offset costs

Gross margin improved by about 420 basis points to 49.5 percent. PUMA attributed the increase to lower sourcing prices, channel mix, currency effects and lower freight expenses; a 29.8 million euro tariff refund contributed about 170 basis points.

Higher operating expenses and lower revenue nevertheless pushed reported EBIT to a loss of 11.4 million euros, compared with a profit of 16.2 million euros in the prior-year quarter. The result included 11.7 million euros of one-time costs linked mainly to the cost-efficiency programme. Adjusted EBIT fell to 0.4 million euros from 26.3 million euros.

Working capital and cash flow offered a more constructive signal. Inventories fell 24.3 percent to 1,608.9 million euros, while free cash flow improved to 92.0 million euros from an outflow of 43.0 million euros a year earlier. Net debt stood at 1,078.3 million euros at September 30, down from 1,205.2 million euros twelve months earlier.

Guidance points to gradual recovery

PUMA kept its forecast for a low- to mid-single-digit currency-adjusted sales decline in 2026. It narrowed the expected EBIT range to a loss of 80 million to 130 million euros, compared with the previous range of a loss of 50 million to 150 million euros. Capital expenditure is now expected below 150 million euros, versus about 200 million euros previously.

Management expects fourth-quarter sales performance to improve from the third quarter, with Running, Training and Sportstyle among the focus areas. Chief Executive Officer Arthur Hoeld said Running was gaining momentum, supported by the NITRO technology. The company also expects a gradual return to growth in 2027, but has not issued quantified 2027 guidance.

ANTA Sports became PUMA's largest shareholder in October. PUMA described the change as a vote of confidence in its strategy and said it would explore opportunities for a longer-term partnership. Arne Arens is scheduled to join the Management Board as chief commercial officer on November 15, 2026.

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