Update 2 - Puma narrows its 2026 operating loss guidance; quarterly sales exceed market expectations

Additional background information was provided in paragraphs 2 and 8, analyst comments were added in paragraphs 7 and 10, and inventory reduction was supplemented in paragraph 9.

Ozan Ergenay

Reuters, October 30 - German sportswear manufacturer Puma PUMG.DE on Friday narrowed the forecast range for its 2026 operating loss. Although its third-quarter sales exceeded market expectations, the midpoint of the forecast range edged up slightly against a backdrop of subdued consumer demand.

Puma is trying to revitalize its brand appeal to better compete with larger rivals Adidas ADSGn.DE and Nike NKE.N, but continues to face weak demand and high inventory levels at sports apparel retailers—through whom much of the company’s sales are made.

The company now expects an operating loss of 80 million to 130 million euros ($89 million to $145 million) in 2026, compared to its previous forecast of a 50 million to 150 million euro loss.

Puma reported a third-quarter operating loss of 11.4 million euros, compared to a profit of 16.2 million euros a year earlier. Analysts had on average expected a loss of 10 million euros.

The company said the figure includes a positive impact of 29.8 million euros from U.S. tariff refunds, as well as one-off costs of 11.7 million euros related to its cost-efficiency programme.

Chief Executive Arthur Hoeld said in a statement: “Our third-quarter results are in line with expectations, and we continue to lead Puma through this year of transformation while laying the foundation for future growth.”

Analysts at Jefferies said the results continue to indicate that Puma is undergoing a “complex restart” as it seeks to reinvigorate growth and rebuild its appeal to consumers. Shares in the company rose 6% in early trading.

Puma is increasing advertising spending to boost brand influence and is working to strengthen its reputation as a high-performance sportswear manufacturer, especially in running, where the company has been focusing on footwear technology development.

Quarterly sales fell 5% to 1.77 billion euros, but slightly exceeded the market expectation of 1.75 billion euros. Inventory dropped 24.3% to 1.6 billion euros, driven by reduced purchasing volumes.

Jefferies said in a report to investors: “The only encouraging point today is that inventory levels have fallen below the target set for the end of this year.”

(1 US dollar = 0.8957 euro)

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