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Puma posted a narrower loss in the second quarter as the German sports brand pushes ahead with an effort to restore growth next year.
The adjusted quarterly loss was €53.1 million ($61.5 million) before interest, taxes and one-time effects, according to a statement Friday, roughly in line with analysts’ estimates. Sales of €1.69 billion also met expectations and the company affirmed its forecast for 2026 as it rolls out new products for its core running and training franchises.
The shares fell as much as 6.5 percent in early trading in Frankfurt, paring back their gain this year to just below 20 percent.
Chief executive officer Arthur Hoeld has characterised 2026 as a transition year as Puma liquidates excess inventories, revamps marketing efforts and develops better products for football, running and training. The Adidas veteran, who took over last year, has also shaken up the brand’s management ranks.
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That’s been part of a plan to set the company up for a resurgence in 2027, and eventually to position it as the biggest competitor to industry giants Adidas and Nike Inc.
Poonam Goyal, senior industry analyst, and Sydney Goodman, senior associate analyst from Bloomberg Intelligence say: “Puma’s unchanged full-year guidance reinforces confidence that its operational reset remains on track despite macroeconomic headwinds.”
Hoeld surprised investors last year with a bleak assessment of Puma’s near-term prospects, saying it needed a major reset. He’s slashed jobs and welcomed the prospect of China’s Anta Sports Products Ltd. taking over as the company’s leading shareholder.
“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,” Hoeld said Friday.
Puma said its outlook now includes the potential positive impact of lower tariffs and tariff rebates as well as possible fallout from the conflict in the Middle East. Those aspects largely offset each other, it said, adding that second-quarter earnings included tariff refunds worth €11.5 million.
By Tim Loh
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Chief executive Arthur Hoeld said Puma is counting on training, football, running and ‘sportstyle’ categories to generate profitable growth and buzz.
