Puma’s turnaround journey is proving more challenging than expected. The German sportswear giant reported a sharp decline in second-quarter revenue as its ongoing restructuring programme and softer consumer demand, partly linked to the conflict in the Middle East, continued to weigh on business performance.
The company announced on Friday that second-quarter revenue fell 9.7% to €1.69 billion, representing a 9.4% decline on a currency-adjusted basis.
One of the biggest pressures came from Puma’s wholesale business, particularly across North America and Europe, where the company has deliberately reduced product shipments as part of its wider reset strategy. The move is intended to improve the health of the business over the long term, but it continues to affect short-term sales.
The difficult trading environment also impacted profitability. Puma reported an adjusted loss before interest and taxes (EBIT) of €41.9 million, compared with a loss of €24.5 million during the same period last year.
Despite remaining in the red, the company’s net loss narrowed by more than 70% to €72.8 million, largely due to significantly lower one-off restructuring costs.
For the first six months of the year, Puma recorded currency-adjusted sales of €3.55 billion, representing a 5.2% decline compared with the same period last year. The stronger first quarter helped soften the impact of the more difficult second-quarter performance.
New Chief Financial Officer Mark Langer, who joined Puma in May after serving as CFO at Douglas and previously as CEO of Hugo Boss, said the effects of the company’s restructuring became more pronounced during the latest quarter.
“The impact from the reset measures initiated in the third quarter of 2025 were more pronounced in the second quarter than in the first,” Langer explained.
The company has been reshaping its business by reducing wholesale inventory and tightening distribution, particularly in key Western markets, as it works to reposition the brand and improve long-term profitability.
Despite the weaker results, Puma maintained its full-year outlook. The company continues to forecast a decline in annual revenue alongside an operating loss, signalling that management expects market conditions and the effects of its restructuring programme to remain challenging in the months ahead.
