Puma sales fall as inventory clearance continues

Puma has reported a decline in performance for the first quarter of 2026, with sales reaching €1.86 billion (£1.61 billion). This represents a currency-adjusted decrease of 1% and a reported decline of 6.3%.

The company said overall sales were supported by efforts to clear elevated inventory levels, particularly through selected wholesale partners. Puma noted that its inventory clean-up is slightly ahead of plan and expects stock levels to normalise by the end of 2026.

By channel, the wholesale business dropped by 2.8% (currency-adjusted) to €1.335 billion (£1.15 billion), reflecting softer demand from retail partners in the EMEA region.

In contrast, the direct-to-consumer segment grew by 3.8% to €528.1 million (£457 million). Owned and operated retail stores saw a 5.7% increase, driven largely by outlet-led inventory clearance supported by targeted promotions.

From a product perspective, footwear sales fell by 2.3%. However, Running and Training categories performed "strongly", supported by NITRO products and the expansion of HYROX-related offerings.

Apparel sales rose by 0.9%, supported by growth in Golf, Training and Football, including jersey sales from national teams such as Portugal ahead of the FIFA World Cup 2026. This growth was partially offset by weaker performance in Core, Sportstyle and Kids apparel.

Accessories remained broadly stable at €227.9 million, with Golf delivering "positive" results.

Looking ahead, Puma highlighted continued geopolitical and macroeconomic uncertainty in 2026. The company reaffirmed its full-year guidance, expecting currency-adjusted sales to decline in the low- to mid-single-digit range.

This is primarily driven by weaker performance in North America due to distribution streamlining, partially offset by growth in Latin America and the Middle East, Africa and India.

Arthur Hoeld, CEO of Puma, said: "Operationally, we were off to a solid start to our transition year in 2026. We have managed to reduce our inventory levels faster than planned, streamlined our product portfolio and addressed operational inefficiencies. We have also made progress in further improving our organisation and our operational model.

"For the remainder of the year, we will continue to focus on improving the quality of our distribution, cost base and cash management. In doing so, we are laying the foundations for future growth.

"We are on track to establish Puma as a top-3 sports brand globally, return to above-industry growth and generate healthy profits in the medium term."

The results come amid a period of strategic change at the company, following several senior hires from rival sportswear brands.

Puma recently appointed former Adidas executive Laurent Fricker, previously Vice President of Originals, Basketball and Partnerships Europe, to lead its Sportstyle business unit.

This followed the recruitment of James Carnes, also formerly of Adidas, who has taken on a role shaping Puma’s creative direction.

Most recently, the company added Bertrand Blanc, who has held senior roles at Nike and ASICS, as Vice President of Global Wholesale.

Taken together, these appointments reflect a broader effort by Puma to strengthen its leadership team and accelerate its strategic repositioning.