German sportswear company Puma reported a sharp decline in second-quarter 2026 revenue, with sales falling 9.4% year-over-year to €1.69 billion, down from €1.87 billion in the same period last year.
The company attributed the decline to restructuring measures launched in the third quarter of 2025 and weaker consumer demand across key markets, particularly amid the ongoing conflict in the Middle East.
For the first six months of 2026, Puma generated €3.55 billion in revenue, representing a 5.2% decrease from €3.86 billion recorded during the same period in 2025.
Wholesale business under pressure
Puma’s wholesale business remained under significant pressure, with revenue dropping 14% to €1.09 billion. The decline reflected the company’s decision to reduce relationships with non-strategic retail partners, as well as weaker demand from wholesale customers across Europe, the Middle East, Africa (EMEA) and the Americas.
By contrast, the company’s direct-to-consumer (DTC) business showed resilience, increasing 0.4% to €595.8 million, supported by continued growth in e-commerce. As a result, DTC accounted for 35.2% of total sales, up from 32.1% a year earlier.
During the first half of the year, wholesale sales declined 8.2%, while DTC revenue increased 2%.
Asia-Pacific offsets weakness elsewhere
The Asia-Pacific region was the only major market to post growth, with sales rising 8.6% in the second quarter. The increase was driven by strong demand for low-profile sneakers, particularly the Speedcat collection, alongside robust digital sales in China.
Elsewhere, revenue fell 12.9% across EMEA, reflecting weaker wholesale demand, softer consumer spending in Europe and the impact of geopolitical tensions in the Middle East.
Sales in the Americas declined 15.4%, affected by weaker consumer demand, reduced business with major North American retailers and temporary operational challenges in Mexico.
Footwear remains the largest category
Footwear sales, Puma’s biggest product segment, decreased 11.7% to €935.6 million. Growth from low-profile sneakers, NITRO running models and HYROX-related products partially offset declines in the company’s core and children’s product lines.
Apparel revenue fell 4.3% to €552.1 million, although football merchandise received a boost from jerseys worn by the 11 national teams sponsored by Puma that qualified for the 2026 FIFA World Cup.
Accessories also declined, with sales falling 12% to €202.8 million.
Across the first half of 2026, all three product categories posted declines:
- Footwear: -6.9%
- Apparel: -1.8%
- Accessories: -5.9%