Puma reported Oct. 30, 2026, that third-quarter sales fell 5% to €1.78 billion as it reduced wholesale business and faced softer demand, while lower inventories and growth in online sales marked uneven progress in its retail reset.

Rapid News Brief — The sportswear company narrowed its expected full-year operating loss to €80 million–€130 million from €50 million–€150 million. That is a tighter forecast range, not an across-the-board improvement: the midpoint now implies a slightly larger loss.

Wholesale declines while online sales grow

Currency-adjusted wholesale sales declined 9.6% to €1.19 billion, Puma said in its results announcement. It attributed the decrease partly to reducing business with mass merchants and weaker orders from retail partners.

Direct-to-consumer sales increased 1.2% on the same currency-adjusted basis to €588.3 million. E-commerce grew 7.8%, while company-operated stores declined 2.3%. Direct-to-consumer business accounted for 33.1% of sales, compared with 30.5% a year earlier.

The figures distinguish a shift in distribution mix from a company-wide return to growth. Overall sales declined 6.3% after adjusting for currency movements, compared with the smaller 5% decline in reported euros.

Inventory falls, but the operating loss persists

Inventories fell 24.3% year over year to €1.61 billion, mainly because Puma purchased less stock. Reuters reported that the sales result exceeded analysts’ average forecast of €1.75 billion and that inventory reduction drew attention from analysts reviewing the turnaround.

Puma still recorded an €11.4 million operating loss. Gross margin reached 49.5%, supported partly by tariff refunds; the reported operating result also included costs associated with its efficiency program. Improved gross margin therefore did not translate into positive operating earnings for the quarter.

TheIndustry.fashion reported that higher direct-to-consumer, marketing and administration costs outweighed efficiency savings. The distinction matters for retail operators evaluating whether channel growth is accompanied by better operating economics.

Puma left unchanged its forecast for a low- to mid-single-digit currency-adjusted sales decline this year. It also reduced expected capital expenditure to below €150 million from about €200 million. Both remain full-year expectations rather than completed results.