Inventory reduction stands out
Puma reported inventories of €1,608.9 million as of September 30, 2026, down from €2,124.1 million a year earlier. The decline was 24.3% on a reported basis and 25.5% after adjusting for currencies, mainly because the company purchased less stock. Jefferies analysts said inventories were already below Puma's year-end target.
Deutsche Bank remained cautious about the longer-term outlook. According to Reuters, the bank said in its results note that it needed greater confidence in Puma's prospects for 2027 and the medium term.
Shares nevertheless gained around 8% by 9 a.m. GMT on October 30 following the results, Reuters reported, putting them on course for their strongest trading day since February 2026.
Sales decline despite growth in Asia/Pacific
For the quarter ended September 30, Puma reported sales of €1,776.2 million, compared with €1,870.1 million in the same period of 2025. Sales fell 6.3% on a currency-adjusted basis and 5.0% as reported.
The company attributed most of the decline to reset measures launched in the third quarter of 2025 and weaker consumer demand in EMEA and North America. Double-digit currency-adjusted growth in Asia/Pacific provided a partial offset.
Gross profit margin reached 49.5%, up from 45.4% a year earlier. Puma described the increase as around 420 basis points, supported by lower sourcing prices. Of that improvement, roughly 170 basis points came from €29.8 million in tariff refunds.
Higher operating expenses more than offset the gross-margin improvement. Puma posted an operating loss, measured by EBIT, of €11.4 million, compared with a €16.2 million profit a year earlier. Its EBIT margin moved from 0.9% to -0.6%. Free cash flow, however, turned positive at €92.0 million, versus negative €43.0 million a year earlier, helped by improved working capital.
Full-year loss range narrows
Alongside the results, Puma narrowed its projected 2026 EBIT loss to between €80 million and €130 million. Its previous forecast called for a loss of €50 million to €150 million.
The company retained its forecast for a low- to mid-single-digit percentage decline in currency-adjusted sales. It also cut planned capital expenditures to below €150 million, from around €200 million.
Anta becomes the largest shareholder
China's Anta Sports completed its €1.5 billion purchase of an approximately 29% stake from the Pinault family in October 2026, becoming Puma's largest shareholder, according to Reuters.
Puma CEO Arthur Hoeld described the partnership as an opportunity to expand in China. Some wholesalers, however, reduced orders while awaiting more clarity about the collaboration.
