German sportswear brand Puma reported organic revenues fell 9.4 percent to 1.69 billion euros between April and June.
Because of a slightly improved first quarter, that meant that over the first half of this year, Puma sales fell only 5.2 percent, currency adjusted, to 3.55 billion euros.
But this was as expected, Puma’s new chief executive Arthur Hoeld said. When Hoeld took over last July, he promised to clean up the brand’s inventory and stop over-discounting.
Puma has said that 2025 was meant for a reset, 2026 would be a year of transition and that the brand would return to growth in 2027.
“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 in a statement. “This supports our confidence in the full-year trajectory.”
Organic sales in Puma’s home market of Europe, the Middle East and Africa, which is also its largest, declined by 12.9 percent to 674.1 million euros. Along with Puma’s reset measures, the decline was driven by low demand in Europe as well as sluggish sales in the Middle East due to the ongoing conflict there, the company explained.
Puma saw the biggest drop in sales in North America, where they fell by 16.7 percent, as well as a fall of 13.8 percent in Latin America.
Sales grew 8.6 percent in Asia-Pacific region though. The German brand’s low-profile sneakers, especially from the Speedcat family, are in big demand in this region.
In terms of product categories, Puma footwear sales slipped the most, sinking 11.7 percent to bring in 935.6 million euros. The company explained that its success with Hyrox training shoes, in running and with the low-profile trend, wasn’t enough to boost numbers in its biggest category.
Puma apparel sales decreased by 4.3 percent and brought in 552.1 million euros while accessories declined by 12 percent.
Despite the drop in sales, the company’s various reset measures have improved its profit margin. Puma’s earnings before interest and taxes, or EBIT, went from 109.1 million euros in the red over the second quarter of 2025 to a loss of only 53.1 million euros over the same period this year.
Puma also confirmed its guidance for the year. It still expects sales to continue to decline in the low to mid-single digits over the whole year as the reset continues. The brand predicts EBIT will come in somewhere between minus 50 million and 150 million euros. The latter number will include “one-time effects related to the implemented cost efficiency program.”