PUMA’s distribution reset continued to weigh on sales in the third quarter, even as its online business grew. In its October 30 results announcement, the sportswear group reported revenue of €1.776 billion, down 6.3% currency-adjusted and 5% on a reported basis.
Wholesale sales fell 9.6% currency-adjusted as PUMA reduced mass-merchant business and faced weaker retailer demand. Direct-to-consumer revenue rose 1.2%, with ecommerce growth of 7.8% outweighing a 2.3% decline in company-operated stores. Footwear sales fell 5.1% to €1.011 billion, despite growth in running and momentum in low-profile styles.
The company recorded an €11.4 million operating loss. That result included €29.8 million in tariff refunds and €11.7 million in one-time costs related to its cost-efficiency programme. Gross margin rose to 49.5%, with the refunds contributing approximately 170 basis points to the improvement.
PUMA now expects a full-year operating loss of €80 million to €130 million, narrowing its previous €50 million to €150 million range. It retained its forecast for a low- to mid-single-digit currency-adjusted sales decline and reduced planned capital expenditure to below €150 million from around €200 million.
Direct-to-consumer sales represented 33.1% of quarterly revenue, up from 30.5% a year earlier.
