Puma sales fall 6.3% but it narrows its 2026 loss forecast as Anta becomes top shareholder

German sportswear maker Puma reported a further fall in third-quarter sales but narrowed its full-year loss forecast, in its first results since China’s Anta Sports became its largest shareholder.

The quarter (company figures)

• Sales fell 6.3% currency-adjusted (5.0% in euros) to €1.78 billion, which Reuters says was slightly above analysts’ expectations.
• North America dropped 17.2% and EMEA 11.5%, hit by Puma’s clean-up of low-quality mass-market business and, the company says, by the Middle East conflict weighing on demand. Asia-Pacific grew 10.0%, driven by low-profile sneakers such as the Speedcat.
• Gross margin rose about 4.2 points to 49.5%, helped by €29.8 million of US tariff refunds.
• Operating result (EBIT) was −€11.4 million; loss from continuing operations was €54.9 million.
• Inventories fell 24.3% and free cash flow turned positive at €92 million.

Outlook

Puma now expects a 2026 operating loss of €80–130 million (previously €50–150 million) and still sees sales falling by a low- to mid-single-digit percentage. CEO Arthur Hoeld called 2026 a “transition year”. Anta representatives Dennis Tao and Jeanne Huang joined the supervisory board on 21 October, with Tao elected chairman.