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Puma’s third-quarter sales fell 5% to 1.78 billion euros, and the company lowered its full-year operating-profit forecast. CEO Arthur Hoeld said the 2026 reset remains on track, while Puma and new major shareholder Anta are discussing a future operating model for China; details of that plan have not been disclosed.
Puma’s third-quarter sales fell 5% to 1.78 billion euros in the three months ended Sept. 30, and the German sportswear company lowered its full-year operating-profit forecast. Chief Executive Arthur Hoeld said the 2026 business reset remains on track, while executives confirmed discussions with new major shareholder Anta Sports over how Puma will operate in China, a market with significant growth potential but no announced new model yet.
Sales declined 6.3% on a currency-adjusted basis, according to Puma’s results. The company’s forecast for full-year operating profit was narrowed downward, although the source report did not give the revised range. Puma shares rose almost 7% in morning trading in Germany after the results. Analysts cited by WWD characterized investor sentiment as cautiously optimistic about Hoeld’s plan to return the brand to growth in 2027; the share-price move does not establish that the turnaround will succeed.
Hoeld, who took the chief executive role in July 2025, described 2026 as a year of transition. The plan includes reducing excess inventory and curbing over-discounting and what management calls undesirable wholesale business. Hoeld told journalists that Q3 reflected progress on those plans amid challenging conditions, particularly in Europe and North America, while cautioning that any recovery would be gradual.
Regional results were uneven. Sales in Europe, the Middle East and Africa fell 12% to 801.2 million euros. The Americas declined 2% to 580.4 million euros, with North America weaker than Latin America; Asia grew 7.5% to 394.6 million euros. Chief Financial Officer Mark Langer attributed the EMEA decline partly to reduced undesirable business and subdued European demand, including spillover effects from the continuing Middle East conflict. He cited weaker consumer demand and the reduction of mass-merchant wholesale business as factors in North America.
Turnaround Depends on Cleaner Sales
The results show the cost of Puma’s effort to improve the quality of its sales: pulling back from mass merchants and discount-heavy channels can weigh on near-term revenue even as management seeks healthier distribution and stronger brand positioning. That trade-off is especially visible in North America and Europe, where demand is weak and the company is reducing business it considers undesirable.
The stakes are also tied to China. Anta, described in the source report as China’s third-largest sportswear company, acquired the Pinault family’s stake for $1.8 billion and became Puma’s largest shareholder. Its local industry experience could support Puma’s growth ambitions, but uncertainty over distribution and the operating model has already made some partners and distributors cautious. Puma’s ability to maintain business while the arrangement is worked out may affect how quickly the partnership translates into growth.
For investors and customers, the immediate question is whether management can convert the promised reset into better performance without further weakening sales. The Q3 figures provide evidence of current regional pressure, not proof that the 2027 growth target will be met.
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Puma’s Reset and Anta’s Stake
Hoeld became CEO in July 2025 and set out a plan focused on clearing inventory, reducing discounting and returning Puma to growth in 2027. Management has characterized 2026 as a transition year. The latest forecast reduction and quarterly decline arrive during that reset, rather than after the company has claimed a recovery.
In Europe, Puma established a new operating model during the second quarter. Hoeld said it involves more centralized brand and product decisions, new leadership, warehouse consolidation and reducing management clusters from seven to three. The company also aims to create a more unified product collection for the region. In the U.S., management says it is cutting back mass-merchant sales while seeking growth with wholesale customers in running, training and sports style.
Anta’s stake followed the sale by the Pinault family, and Anta director Dennis Tao became chair of Puma’s supervisory board in late October. Another Anta-linked executive, Jeanne Huang, also joined that board. Puma has separate management and supervisory boards: the management board runs daily operations, while the supervisory board monitors its work. Hoeld said Puma’s management board will continue to drive the turnaround, with support from the newly composed supervisory board.
“Overall, our Q3 results reflect the progress we are making in this year of transition.”
— Arthur Hoeld, Puma chief executive
China Plan Still Undecided
Puma has not disclosed the future operating model in China, the timing of any changes or how responsibilities will be divided with Anta. Hoeld said discussions were active and that no immediate change to China wholesale operations was expected in the fourth quarter. The source report also says Anta prefers a direct-to-consumer model and that some Puma partners and distributors have reacted cautiously since the deal was announced.
The revised full-year operating-profit forecast was described as narrowed downward, but the report provides no updated numerical range or the previous forecast for comparison. Puma’s quarterly sales figures are confirmed in the report; the eventual financial effect of the reset, Anta relationship and regional demand conditions remains unknown. Executives also declined to specify whether or how Anta might affect Puma’s operations outside China.
Watch for China Operating Details
The next clear milestone is an announcement, if and when Puma and Anta agree on China’s future operating model. Until then, Puma says there will be no immediate fourth-quarter change to wholesale operations there. Investors will also be watching subsequent results for evidence that the company’s inventory and distribution changes are limiting lower-quality sales without causing a sustained deterioration in revenue.
Management has identified Europe, China and North America as focal markets and continues to target a return to growth in 2027. The company has not supplied a detailed timetable or quantified regional targets in the source report. Its next results and any further comments on the revised profit outlook should clarify how the transition is progressing.
Key Questions
How much did Puma sales fall in the third quarter?
Puma said sales fell 5% to 1.78 billion euros in the three months ended Sept. 30. On a currency-adjusted basis, they fell 6.3%.
Why did Puma lower its full-year operating-profit forecast?
The source report confirms that Puma narrowed its forecast downward but does not provide the updated forecast range or give a single reason for the change. Management cited challenging market conditions and ongoing efforts to reduce undesirable wholesale business.
What is Anta’s role in Puma?
Anta Sports became Puma’s largest shareholder after buying the Pinault family’s stake for $1.8 billion. Puma and Anta are discussing the future operating model in China, but have not announced its details.
When does Puma expect to return to growth?
CEO Arthur Hoeld has said Puma aims to return to growth in 2027, with 2026 treated as a transition year. That is management’s stated plan, not a confirmed outcome.
Source: wwd.com
