Second-quarter revenue and earnings beat consensus estimates, but steep declines in the Americas and footwear signaled the strain of Puma's multi-year reset strategy.
Puma reported a 9.4% currency-adjusted decline in second-quarter sales to 1.69 billion euros ($1.85 billion) and kept its full-year guidance, even as results came in slightly ahead of analyst estimates. The German sportswear maker said the drop reflected reset measures, softer demand in key markets and weakness tied to ongoing geopolitical conflict in the Middle East. EBIT showed a loss of 41.9 million euros, improved from a 109.1 million euro loss a year earlier and better than the consensus forecast for a 54.8 million euro loss, while loss per share of 0.49 euros was smaller than the 0.65 euro loss expected. Shares fell more than 4% in early trading Friday, suggesting investors remain wary of the revenue cost of Chief Executive Officer Arthur Hoeld's turnaround plan. The Americas was the weakest region, with sales down 15.4%, while Asia-Pacific grew 8.6%. Footwear sales dropped 11.7%, wholesale revenue fell 14.0% and direct-to-consumer sales rose 0.4%. Puma reiterated that it expects currency-adjusted sales to decline in the low- to mid-single-digit percentage range for 2026 and forecast EBIT between a loss of 50 million euros and a loss of 150 million euros.