ENDURANCE TAPEPUMQ3 rev €1.78B-5.0%GRMNQ3 rev $1.99B+12%ADSQ3 rev €7.25B+9%DECKQ2 FY27 rev $1.481B+3.5%HOKAQ2 FY27 $677.2M+6.8%DECKFY27 revenue guideCUTADSFY op. profit outlook~€2.5BHYROX2026/27 target2M+ athletesSTRAVAIPOFILED (CONF.)
ENDURONOMICSThe business of endurance sports
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Earnings flash

Puma Q3: smaller, cleaner, still loss-making.

Sales fell 6.3% currency-adjusted. Inventory fell 24%. Tariff refunds helped the margin.

By EnduronomicsNov 2, 20262 min read
€1.78BQ3 sales, down 6.3% currency-adjusted
-24.3%inventory, year over year
€29.8Mof tariff refunds in gross profit

The facts

  • Puma reported Q3 2026 (July to September 2026) on Oct 30. Sales were €1,776.2 million, down 5.0% reported and 6.3% currency-adjusted.
  • Footwear fell 5.1% currency-adjusted to €1,010.9 million.
  • Gross margin rose about 420 basis points to 49.5%, helped by lower sourcing prices and €29.8 million in tariff refunds.
  • EBIT was minus €11.4 million, against plus €16.2 million a year ago. The net loss was €54.9 million.
  • Inventory fell 24.3% to €1,608.9 million.
  • Puma kept its full-year call for a low- to mid-single-digit currency-adjusted sales decline. It narrowed EBIT guidance to minus €80 million to minus €130 million, from minus €50 million to minus €150 million. Capex is now expected below €150 million.
  • Puma says running grew strongly on its NITRO foam. It gave no number.

Our take

  1. The inventory story is real. A quarter less stock means fewer markdowns ahead and cleaner shelves in run specialty.
  2. Read the margin twice. Take out the tariff refunds and the gross margin gain shrinks. We made the same point about Deckers and Adidas last week.
  3. Ask for the running number. When a brand calls growth strong and does not size it, the base is usually small.

Source: PUMA Q3 2026 release, Oct 30, 2026.