Following today’s release of Puma’s figures for the three months ending 30 September 2026; Sharon Iles, senior apparel analyst at GlobalData, a leading intelligence and productivity platform, offers her view: “Puma’s sales fell 5.0% to €1.8bn in Q3 2026, as the brand continued the reset measures it began a year earlier to scale back undesirable wholesale operations, particularly with heavily promotional retailers. A favourable exchange rate softened the decline, and on a currency-adjusted basis sales were down 6.3%. Over the same period, Adidas grew its sales 9.4%, helped by strong demand for its apparel and running ranges. This highlights Puma’s difficulties are largely specific to the brand, with its product range struggling to win over customers beyond a few strong products. Adjusted EBIT, which excludes one-time effects, returned to a profit of €0.4m from a €41.9m loss in Q2, though it was 98.6% below last year. Puma kept its forecast of a low-to-mid-single-digit decline in full-year currency-adjusted sales and narrowed its expected EBIT loss to between €80m and €130m.
“Asia Pacific was Puma’s strongest region, with currency-adjusted sales up 10.0%, as its Speedcat trainers continued to sell well, helped by brand ambassador Rosé of the girlband Blackpink, who has a strong following across Asia. Greater China grew by a more modest 3.5%, as retailers held back wholesale orders until ANTA Sports completed its purchase of a 29% stake in Puma in early October, unsure how the deal might change the brand’s distribution. Revenue in the Americas fell 8.1%, as a sharp decline in North America, where shoppers remained cautious and Puma’s pull back from discount retailers, outweighed growth in Latin America. EMEA was the weakest region, down 11.5%, as the brand cut ties with wholesale partners that relied on heavy price promotions and demand for its football and core ranges softened.
“From a product perspective, footwear currency-adjusted sales fell 3.3%, as weaker demand for Core, Football and some Sportstyle franchises outweighed strong growth in Running, driven by Puma’s NITRO technology. Apparel was the worst-performing division, with currency-adjusted sales down 8.9%, as softer demand in Core and Kids was only partly offset by growth in Training, where HYROX-related products sold well. Accessories proved most resilient, currency-adjusted sales slipped 2.1%, mainly due to a decline in golf.”
