Puma experienced further challenges in the second quarter of 2026 due to the group's restructuring and weak consumer demand. Currency-adjusted sales fell by 9,4 percent to €1,69 billion. For the first half of the year, sales declined by 5,2 percent to €3,55 billion.
The wholesale business performed particularly poorly, declining by 14 percent to €1,09 billion in the second quarter, adjusted for currency fluctuations. Puma continues to selectively reduce sales to hypermarkets and distribution channels that the company believes are detrimental to its brand positioning. In contrast, the direct-to-consumer business grew slightly by 0,4 percent. The company's own e-commerce platform expanded by 1,8 percent.
Shoe sales fall by double digits
In the largest product category, footwear, revenues declined by 11,7 percent to €935,6 million. The Core and Kids segments were particularly detrimental. Running and Training, on the other hand, performed well thanks to Nitro technology and the expanded Hyrox product range. The Asia/Pacific region grew by 8,6 percent, while EMEA declined by 12,9 percent and the Americas by 15,4 percent.
The gross profit margin improved by 1,8 percentage points to 48 percent. This was driven by lower procurement costs, currency effects, and customs refunds. The reported operating result improved from minus 109,1 million euros to minus 53,1 million euros due to significantly lower one-off effects. However, the adjusted EBIT deteriorated from minus 24,5 million euros to minus 41,9 million euros.
The figures were not well received on the stock market. Puma shares fell by more than six percent in early trading. According to JPMorgan, investors were particularly disappointed that the company did not raise its forecast despite a smaller-than-expected quarterly loss.
