Puma Narrows 2026 Loss Forecast After Q3 Sales Fall 5% to €1.78 Billion

Puma reported on Oct. 30, 2026 that third-quarter sales fell 5.0% to €1,776.2 million, and that it posted an operating loss of €11.4 million in the period. The Herzogenaurach-based sportswear group said sales were down 6.3% on a currency-adjusted basis.

The company also narrowed its full-year 2026 operating profit guidance to a loss of €80 million to €130 million, from a previous range of a loss of €50 million to €150 million. Its sales outlook was left unchanged.

What Puma reported for the third quarter

Third-quarter sales were €1,776.2 million, against €1,870.1 million in the same quarter of 2025, according to Puma’s release. The currency-adjusted decline of 6.3% compares with the 5.0% reported decline.

Wholesale sales were €1,187.9 million, down 9.6% at constant currency. Direct-to-consumer sales were €588.3 million, up 1.2% at constant currency, and that channel made up 33.1% of the total. TheIndustry.fashion reported that e-commerce rose 7.8% and that Puma cut business with mass merchants.

Gross margin rose to 49.5% from 45.4% a year earlier, a gain of about 420 basis points. Puma said tariff refund effects of €29.8 million added about 170 basis points to that improvement.

Reported EBIT was a loss of €11.4 million, compared with a profit of €16.2 million a year earlier, an EBIT margin of -0.6%. The release says the result includes one-time effects of €11.7 million, mainly personnel and consulting expenses tied to a cost efficiency programme. Excluding them, adjusted EBIT was €0.4 million.

The loss from continuing operations was €54.9 million, or €0.37 per share.

Puma’s updated 2026 guidance
Puma now expects 2026 EBIT of €-80 million to €-130 million, narrowed from a range of €-50 million to €-150 million, with capital expenditure below €150 million instead of about €200 million.

Regional picture: Asia/Pacific up, EMEA and North America down

All regional changes below are at constant currency, as reported by Puma.

EMEA sales were €801.2 million, down 11.5%. The Americas were €580.4 million, down 8.1%, with North America down 17.2% and Latin America up 1.4%.

Asia/Pacific was the only region of the three to grow, rising 10.0% to €394.6 million. Greater China was up 3.5% and the rest of the region up 13.0%.

TheIndustry.fashion reported that Puma pointed to its reset measures, weaker demand from retail partners and the conflict in the Middle East. That outlet also credited the Speedcat for helping Asia/Pacific. FashionUnited, which also covered the results, reported weaker demand in Europe and North America.

Inventory, outlook and what changed

Inventories stood at €1,608.9 million at the end of the quarter, down 24.3% as reported and 25.5% at constant currency.

For 2026, Puma still expects currency-adjusted sales to decline by a low- to mid-single-digit percentage. The EBIT guidance is now a loss of €80 million to €130 million. Capital expenditure is expected to be below €150 million, down from about €200 million.

Just Style reported that the company lowered its earnings expectations for the year and linked the quarter to ongoing reset measures in key markets.

Puma still expects currency-adjusted sales to decline by a low- to mid-single-digit percentage in 2026.

What Puma and others have said

TheIndustry.fashion quoted chief executive Arthur Hoeld as saying the quarter was “in line with expectations” as Puma moves through this transition year.

TheIndustry.fashion reported that Puma is completing about 1,400 corporate role cuts made since the start of 2025. The outlet also said the company has made nine senior appointments since April, including Arne Arens, formerly of Nike, as chief commercial officer, a post that Puma’s release says takes effect on 15 November 2026, and Laurent Fricker to lead Sportstyle.

The same outlet quoted analyst Yanmei Tang as saying the main execution risk is product focus. Tang also pointed to early signs of improvement in women’s training and said industry experts estimate Puma has a large amount of old stock to clear, which would make heavier discounting necessary.

TheIndustry.fashion also reported that ANTA Sports became Puma’s largest shareholder after buying the 29.06% stake held by Artémis, and that Frasers Group took a minority stake in March.

What happens next

Puma published the updated guidance on Oct. 30, 2026.