Puma projected an operating loss in the range of 50 million-150 million euros ($59 million-$177 million) in 2026 and said it is refusing to pay a dividend for fiscal 2025. It intends to sell off excess inventory and pave the way for a return to profitable growth in 2027. The company also forecasts a decline in revenue in 2026 of about 1-5% in currency-adjusted terms, reports Bloomberg.
The company attributes the revenue decline in 2026 to the optimization of distribution in the U.S. (including lower sales through mass retail) and the return of products from wholesale partners as part of a revised sales mix. Partially offsetting this decline is planned to be growth in Latin America, the Middle East, Africa and India.
What’s happening at Puma
Puma’s main problem is overcrowded warehouses and weak sales. The company is actively selling off old sneaker and apparel collections to clear inventory and free up working capital.
At the same time, the brand is cutting costs, revising marketing and changing the distribution system – less dependence on mass retailers, more emphasis on online sales and its own stores.
After his appointment as CEO of Puma in the summer of 2025, Arthur Held made a statement a pessimistic assessment of Puma’s short-term prospects, saying a major reboot of the business was needed. He has since downsized, revamped the management team, and has been positive about the prospect of China’s Anta Sports Products would become Puma’s largest shareholder (Anta agreed in January to buy a 29% stake in Puma).
Previously, Held was head of sales at Adidas.
He warned that 2026 will be a transition year for the company. This is part of the company’s plan to return to growth as early as 2027 and strengthen its market position alongside giants such as Nike and Adidas.
