Germany’s Puma margins rise despite weak sales in Q1 FY26

Puma has reported a 1 per cent decline in Q1 FY26 revenue to €1,863.8 million (~$2.18 billion), with a sharper 6.3 per cent drop on a reported basis due to currency headwinds.
Gross margin improved to 47.7 per cent, supported by cost efficiencies and inventory clearance.
The company reaffirmed its FY26 outlook, expecting sales pressure and negative EBIT as it continues restructuring.