Germany's Puma Q2 sales down on weaker consumer demand in key regions

PUMA SE

31/07/2026 07:13

Overview
Germany sportswear maker's Q2 sales fell 9.4% currency-adjusted amid reset and softer demand
Q2 EBIT loss narrowed and beat analyst expectations
Company generated strong free cash flow, driven by improved working capital and lower CAPEX

Outlook
Puma confirms FY 2026 outlook, including updated impact from Middle East conflict and tariffs
Company expects FY 2026 currency-adjusted sales to decline in low- to mid-single-digit percentage range
Puma projects FY 2026 EBIT between € -50 mln and € -150 mln

Result Drivers
RESET MEASURES - Co said sales decline was primarily driven by reset measures initiated in Q3 2025, including reduction of undesirable wholesale business in key regions
SOFTER DEMAND - Co said weaker consumer demand in key regions, especially Europe and North America, and the Middle East conflict weighed on sales
GROSS MARGIN IMPROVEMENT - Gross profit margin rose due to lower sourcing prices, tariff refund effects, currency effects and channel mix

Company press release: ID:nEQ4Bwjwza

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Gross Profit Margin
 
48.00%
 
Q2 EBIT
Beat
-EUR 53.10 mln
-EUR 70 mln (5 Analysts)

Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 7 "strong buy" or "buy", 13 "hold" and 3 "sell" or "strong sell"
The average consensus recommendation for the apparel & accessories peer group is "buy."
Wall Street's median 12-month price target for Puma SE is €26.00, about 7.8% below its July 30 closing price of €28.20

Reuters Recommended Reads
July 30 - Adidas Q2 revenue rises 14% on DTC and e-commerce growth
July 30 - Columbia Sportswear's Q2 revenue beats estimates; raises profit outlook
July 29 - VF Corp beats Q1 revenue estimates, raises FY27 outlook

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)