Puma's Q2 sales slump but H2 improvement expected
By Benjamin Chiou
Date: Friday 31 Jul 2026
(Sharecast News) - Sales at Puma dropped by nearly a tenth in the second quarter, which it blamed on softer consumer demand in key regions and last year's turnaround plan, though the sportswear group said it expects trends to improve in the second half.
Sales totalled €1.69bn over the three months to 30 June, down 9.4% year-on-year at constant currency, resulting in a first-half sales decline of 5.2% to €3.55bn.
While direct-to-consumer revenues rose 0.4% to €596m in the second quarter, wholesale revenues fell 14% to €1.09bn.
Puma said its "reset" measures, which began in the third quarter of 2025, weighed on performance, as it continues to "reduce undesirable wholesale business, particularly in key regions such as North America and Europe, versus a Q2 2025 which still included a high share of mass merchant business".
Sales across Asia Pacific were up 8.6%, and though that was offset by a 12.9% drop in EMEA and a 15.4% plunge in the Americas.
Despite the weak top-line performance, the company was able to improve its gross profit margin to 48.0% from 46.2% a year earlier, due to lower sourcing prices, currency effects and channel mix.
The overall loss from continuing operations eased to €72.8m from €247.1m the year before.
Meanwhile, free cash flow surged to €328.8m from €94.9m a year earlier due to significantly improved working capital management, improved profitability and lower capital expenditure.
"After a solid first quarter and a softer second quarter in line with expectations, we expect sales to improve sequentially in the second half of 2026. This supports our confidence in the full-year trajectory, and we confirm our outlook for the full year," said boss Arthur Hoeld.
The stock was 2.2% lower at €27.58 by 1328 BST.
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