Puma narrows its annual loss forecast as sales decline and inventories fall

Puma ($PUM) narrowed its forecast for the 2026 operating loss to €80–130 million, compared with the previous €50–150 million range. Third-quarter sales fell 6.3% at constant currencies to €1.776 billion as its business reset and softer demand in North America and EMEA weighed on trading. Double-digit growth in Asia-Pacific provided a partial offset, while the gross margin improved by approximately 420 basis points to 49.5%.

The quarter produced an €11.4 million operating loss, including a €29.8 million tariff-refund benefit and €11.7 million of one-time cost-efficiency charges. Inventories fell 24.3% to €1.609 billion and free cash flow turned positive at €92 million. Puma maintained its annual sales-decline forecast but reduced expected capital expenditure to below €150 million from about €200 million.

Sources:

• Issuer release via WebDisclosure