Puma Reports Q2 Currency-Adjusted Sales Decline Amid Transition Measures
In the second quarter of 2026, Puma reported a currency-adjusted sales decline of 9.4%, driven by reduced mass-merchant and promotional business as well as weaker consumer demand across several markets. Despite this, direct-to-consumer (DTC) sales rose slightly to 35% of total revenue, with e-commerce growing at 1.8%. The company's performance varied regionally: Asia-Pacific saw an 8.6% increase in sales, while EMEA and the Americas experienced double-digit declines. Puma’s CFO attributed much of the decline to strategic reset measures aimed at reducing undesirable wholesale business rather than external factors alone. Gross margin improved to 48%, free cash flow reached €329 million, and inventory was reduced by 15.3%. The company maintained its full-year outlook for a low- to mid-single-digit sales decrease in local currency terms and an EBIT range between negative €50 million and negative €150 million. CEO Arthur Hoeld stated the quarter aligned with Puma’s transformation plan, which is part of a broader three-year strategy. The company remains cautious about macroeconomic conditions but has not taken active steps to reduce its Chinese wholesale business despite some partners delaying store expansions in anticipation of future DTC growth.
Topics: currency adjustment direct-to-consumer growth EBIT loss sales decline wholesale performance