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Puma reported a 9.4% organic fall in second-quarter revenue to €1.69 billion (£1.45 billion), a steeper decline than its 1% currency-adjusted fall in Q1, as its distribution clean-up and move away from heavy promotions continued to weigh on sales. Yet the brand also showed progress on controlling costs and margins, with its EBIT loss narrowing.
Summary of results
- Q2 organic revenue fell 9.4% to €1.69 billion (£1.45 billion), taking the first-half decline to 5.2%.
- Puma reduced its quarterly EBIT loss from €109.1 million (£93.5 million) to €53.1 million (£45.5 million).
- Full-year guidance remains unchanged, with a low- to mid-single-digit sales decline expected.
The results reflect Puma’s ongoing strategic transformation plan under CEO Arthur Hoeld. The company had previously described 2026 as a transition year as it works to restore growth through cost efficiencies, inventory reductions and improvements to its distribution model, while investing in its digital infrastructure and direct-to-consumer channels.
Puma said it now expects sales to improve sequentially during the second half while it reduces discounting, clears inventory and tightens distribution. Its aim remains a return to growth in 2027 through its reset plan.
Revenue for the first half of 2026 declined by 5.2% on a currency-adjusted basis to €3.55 billion (£3.04 billion). The result follows Puma’s 1% currency-adjusted sales decline in the first quarter, when revenue reached €1.86 billion (£1.59 billion) and inventory clearance ran slightly ahead of plan.
Puma maintained its full-year guidance for a low- to mid-single-digit currency-adjusted sales decline. It also continues to expect an EBIT loss of between €50 million (£42.9 million) and €150 million (£128.6 million), including one-off costs associated with its efficiency programme.
Hoeld said that in the second quarter Puma continued to rebuild itself as a brand-led organisation, and that operationally the brand took “significant steps towards a structurally healthier business model” by “reducing inefficiencies, optimising our cost base and improving our organisational setup”.
“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,” he added.
EBIT loss falls by more than half
Puma’s EBIT loss narrowed to €53.1 million (£45.5 million) in Q2, compared with a loss of €109.1 million (£93.5 million) in the corresponding period of 2025. The improvement came despite weaker revenue and reflected measures intended to reduce costs and improve margins.
Performance varied across markets. Sales in Europe, the Middle East and Africa fell 12.9% to €674.1 million (£577.7 million), affected by weak European demand and disruption in the Middle East. North American sales dropped 16.7%, while Latin America declined 13.8%.
Asia-Pacific revenue grew 8.6%, supported by demand for low-profile footwear, including the Speedcat family.
Footwear, Puma’s largest product category, declined 11.7% to €935.6 million (£801.7 million). Growth in running, HYROX training products and low-profile trainers was insufficient to offset wider weakness. Apparel revenue fell 4.3% to €552.1 million (£473.2 million), while accessories declined 12%.
Leadership changes support the reset
The results follow a series of senior appointments under Hoeld, with talent coming from some of the brand’s biggest competitors including Adidas, Nike and ASICS. Puma recently named Dusan Hamlin as Vice President of E-Commerce and Dennis Schröder as Managing Director for Europe, alongside Mark Langer as Chief Financial Officer, Laurent Fricker as Head of Sportstyle, James Carnes as Creative Director and Bertrand Blanc as Vice President of Global Wholesale.
During the turnaround, Frasers Group took a 5.77% minority stake in Puma in March, building its position largely through derivatives. Puma is a major supplier to Frasers-owned Sports Direct.