Puma Q1 sales beat expectations, margin rises on inventory clearance

PUMA SE

30/04/2026 07:11

Overview

Germany sportswear maker's Q1 sales declined 1% currency-adjusted but beat analyst expectations

Q1 EBIT rose 20% and beat analyst expectations, driven by higher gross margin and lower OPEX

Company confirmed 2026 outlook for sales decline and negative EBIT amid transition year

Outlook

Puma confirms 2026 outlook for currency-adjusted sales to decline low- to mid-single-digit percentage range

Company expects 2026 EBIT between € -50 mln and € -150 mln, including one-time effects

Puma projects 2026 capital expenditures of around €200 mln, focusing on digital infrastructure and DTC channels

Result Drivers

INVENTORY CLEARANCE - Sales and gross margin benefited from clearance of elevated inventories, particularly through wholesale and outlet channels

COST EFFICIENCY - Lower operating expenses resulted from cost efficiency programme and favorable currency movements

GROSS MARGIN DRIVERS - Gross profit margin improved due to reversal of inventory reserves, lower freight costs, and higher direct-to-consumer share

Company press release: ID:nEQ4JVwHra

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Sales
Beat
EUR 1.86 bln
EUR 1.81 bln (4 Analysts)
Q1 Gross Profit Margin
47.70%
Q1 EBIT
Beat
EUR 51.90 mln
EUR 29.67 mln (3 Analysts)

Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 5 "strong buy" or "buy", 14 "hold" and 3 "sell" or "strong sell"

The average consensus recommendation for the footwear peer group is "buy."

Wall Street's median 12-month price target for Puma SE is €25.00, about 1.3% above its April 29 closing price of €24.68

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(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.)