Puma posts 9.4% Q2 2026 revenue drop but lifts margin and cash flow

Puma SE reported a currency‑adjusted revenue decline of 9.4% in the second quarter of 2026, falling to €1.69 billion. The company attributed the drop to ongoing reset measures and weaker consumer demand in key markets, especially wholesale, EMEA and the Americas.

Despite lower sales, the gross margin rose by roughly 180 basis points to 48.0% thanks to lower procurement costs, favorable currency effects and duty refunds. Operating EBIT improved to a loss of €53.1 million, better than the €109.1 million loss a year earlier. Free cash flow surged to €328.8 million from €94.9 million, while inventories were cut by 15.3% to €1.82 billion and working capital was reduced.

Direct‑to‑consumer sales grew modestly by 0.4%, and the Asia‑Pacific region posted an 8.6% increase driven by strong demand for Speedcat models and e‑commerce growth. CEO Arthur Hoeld said the transformation to a brand‑focused business continues, expects a gradual sales recovery in the second half of the year, and reaffirmed Puma’s full‑year 2026 outlook.