The sporting goods manufacturer Puma started the new year with a decline in sales. The strong euro and weaker demand in the European EMEA region weighed on developments. The company is making progress in reducing excess inventory. Puma is currently undergoing restructuring and has already prepared shareholders for a transition year with further sales losses in 2026. During this phase there is also a change in the finance department. The annual forecast was confirmed.
Mark Langer becomes the new CFO
Mark Langer is to take over the position of CFO on May 1st, as Puma announced on Thursday in Herzogenaurach. He succeeds Markus Neubrand, who will leave the company on September 30th. Langer is no stranger to the consumer goods industry: he was most recently CFO at Douglas, and before that he was also CFO and later CEO at the fashion group Hugo Boss.
The share listed in the MDax rose by around three percent in the morning. Analysts found a lot of positive things, but also pointed out the numerous problems.
Sales and the adjusted operating result were not as bad as expected, noted James Grzinic from the investment house Jefferies. The company’s confirmed assessment that 2026 will be a year of transition makes it clear how far there is still to go from reducing wholesale inventories to regaining market relevance through new products. Piral Dadhania of Canadian bank RBC noted that Puma performed well compared to low expectations. The analyst also welcomed the change in the CFO position – Mark Langer brings a lot of industry experience with him.
Revenues fell by 6.3 percent year-on-year in the first quarter to just under 1.87 billion euros, as Puma announced on Thursday in Herzogenaurach. Adjusted for currency effects, the decline was one percent.
CEO Hoeld sees progress in the reforms
Sales fell, particularly in the currently difficult wholesale business. In its own retail, including online business, Puma recorded a slight increase after adjusting for currency effects. While revenues fell significantly in the EMEA region (Europe, Middle East and Africa), Puma was able to increase in the Americas region after adjusting for currency effects.
However, the company was able to improve its results. This was supported by the release of value adjustments for inventories, lower freight costs and a higher share of the company’s own retail business. In addition, there were lower marketing expenses. There were headwinds from discounts and currency effects. Adjusted earnings before interest and taxes (EBIT) rose by five percent to 64.4 million euros. This excludes costs for the ongoing savings program, which includes job cuts. The consolidated result improved significantly from 0.5 million to 26.5 million euros.
“Operationally, we have made a solid start to our transition year 2026,” commented CEO Arthur Hoeld. “We were able to reduce our inventories faster than planned, reducing our product portfolio and operational inefficiencies.”
Management is sticking to its annual forecasts
Puma stuck to its forecast and expects a further decline in sales in the low to mid-single-digit percentage range for 2026. The company is expected to return to growth in 2027. The Herzogenaurach-based company is expecting income from jersey sales from the Football World Cup in North America; the company is equipping a total of eleven teams, including Portugal with superstar Cristiano Ronaldo.
Puma expects earnings before interest and taxes (EBIT) to be between minus 50 and minus 150 million euros, as further costs will arise for the realignment, although these are likely to be significantly lower than in the previous year. After the first quarter, there is an increase of around 52 million euros in the books. In 2025, the operating deficit totaled around 357 million euros.
Due to the poor development, Hoeld initiated a group restructuring in the third quarter of last year, which envisaged a concentration on core sports, fewer products and the expansion of direct business with consumers. To achieve this, inventories will be reduced, unprofitable stores will be closed and a total of 1,400 jobs will be cut.