PUMA Q2 2026 Highlights Reset Measures, Demand Challenges

PUMA has reported a 9.4% currency-adjusted drop in sales for Q2 2026, hitting €1,690.6 million, largely due to strategic reset measures and softer consumer demand. Despite this, their gross profit margin improved by approximately 180 basis points to 48.0%, driven by lower sourcing prices and tariff refund effects, which helped increase the margin by 60 basis points.

The company saw its EBIT rise to € -53.1 million, a noticeable improvement from € -109.1 million in Q2 2025. Free cash flow soared to €328.8 million, primarily due to better working capital management and reduced capital expenditures. While inventories decreased by 15.3% to €1,821.1 million, the trade receivables and payables also saw significant reductions.

PUMA continues to adapt its strategies in light of current geopolitical and macroeconomic challenges, maintaining its FY 2026 outlook with projected EBIT between € -50 million and € -150 million and planned CAPEX around €200 million.