Pumas cut inventory, narrow losses as Anta deal advances
Pumas Q3 2026 sales fell 6.3% currency-adjusted but improved sequentially, while inventories plunged 24.3% and free cash flow hit €92 million. The sportswear brand narrowed its full-year operating-loss outlook and welcomed Anta Sports as its largest shareholder, a mix that has reassured investors amid softer demand.
Herzogenaurach-based PUMA SE said third-quarter currency-adjusted sales dropped 6.3% to €1,776.2 million, still a sequential improvement after reset measures and soft demand in North America and EMEA. Asia-Pacific grew at a double-digit pace. Gross margin jumped about 420 basis points to 49.5%, helped by lower sourcing costs and €29.8 million in tariff refunds.
Key Takeaways
- Currency-adjusted Q3 sales fell 6.3%, with APAC up 10% and North America down 17.2%.
- Inventories fell 24.3% to €1,608.9 million; free cash flow reached €92.0 million.
- FY 2026 EBIT guidance narrowed to between €−80 million and €−130 million.
- Anta Sports became PUMA’s largest shareholder in October 2026.
- CAPEX outlook was cut to below €150 million from around €200 million.
Why did investors focus on inventory and cash flow?
Working capital fell 24.4% as purchasing volumes declined. Inventories dropped 24.3% to €1,608.9 million from €2,124.1 million a year earlier. Free cash flow swung to €92.0 million from a €43.0 million outflow in Q3 2025, aided by better working capital, lower taxes, and CAPEX of €29.9 million.
Net debt declined year-on-year to €1,078.3 million. Cash and cash equivalents rose to €352.9 million. Those balance-sheet signals, alongside sequential sales improvement, underpin why markets focused on the reset progress despite quarterly EBIT of €−11.4 million, which included tariff refund benefits and €−11.7 million in one-time cost-efficiency charges. For more wealth and markets context, see BlasterPost’s Net Worth & Wealth hub.
How did Pumas update the full-year 2026 outlook?
Management kept its view that currency-adjusted sales will decline in the low- to mid-single-digit percentage range. It narrowed the operating result (EBIT) range to between €−80 million and €−130 million, from a prior band of €−50 million to €−150 million, trimming the worst-case loss while also capping the best case.
Capital expenditures are now expected below €150 million, previously around €200 million, reflecting a tighter investment focus and some IT costs booked as operating expenses. Direct-to-consumer sales rose 1.2% currency-adjusted, lifting the DTC share to 33.1%, while wholesale fell 9.6% as PUMA cut undesirable mass-merchant business.
What does the Anta Sports partnership change for Pumas?
In October, Anta Sports became PUMA’s largest shareholder—what CEO Arthur Hoeld called a vote of confidence in strategy and management. On October 21, Dennis Tao and Jeanne Huang joined the Supervisory Board; Tao was elected chairman. Wholesale partners in Greater China remained cautious after Anta’s planned stake was announced, even as regional DTC and marketplace growth continued.
Hoeld said the brand is laying foundations for future growth in Running via NITRO™ technology and in Sportstyle franchises such as Speedcat in Asia. Full details are in PUMA’s Q3 2026 corporate release. Recovery into 2027 is expected to be gradual amid a cautious consumer and retail backdrop.