Sales development

Sales development

Illustration of sales development in 2025 compared to the outlook

In its combined management report for 2024, PUMA forecasted a currency-adjusted increase of sales in the low- to mid-single-digit percentage range for financial year 2025. This forecast was adjusted at the end of the second quarter and PUMA now expected a decline in currency-adjusted sales in the low double-digit percentage range. This adjustment at the end of the second quarter did not yet include the change resulting from PUMA United (discontinued operations) in the fourth quarter. In a difficult market environment, with persistent competition, the reset measures essentially led to a currency-adjusted sales development of
‎-8.1% in financial year 2025. This was overall slightly better than expected in the adjusted forecast, as both retail activities and wholesale activities developed more positively than expected.

The sales development in 2025 is explained in more detail below.

Sales

PUMA's sales in the reporting currency, the euro, decreased by 13.1% to € 7,296.2 million in financial year 2025 (previous year: € 8,398.0 million). Currency-adjusted sales decreased by 8.1%. The sales decline was mainly due to strategic reset measures in the wholesale business, primarily the targeted reduction of sales with large-scale retailers that did not contribute to strengthening brand desirability. In addition, excess inventory levels at some retail partners were reduced and there were timing deviations compared to the previous year regarding call-offs of wholesale orders. In the course of inventory clearance, promotional activities were also carried out in the wholesale business, which led to a decrease in net sales. In the retail business (in full-price stores and e-commerce business), PUMA started the second half of 2025 with a controlled lower discount level as part of the planned reset measures.

Changes in foreign exchange rates, especially for the Turkish lira, the Argentine peso, the US dollar and the Mexican peso, had an overall negative impact and reduced sales across all distribution channels in the reporting currency euro by around € 450 million. In contrast, own retail activities developed slightly positively.

Sales volumes in the financial year 2025 decreased by 6.9%. In addition to exchange rate effects, the average price development, particularly due to sales promotion measures in the wholesale business, had a negative impact.

* includes adjustments to sales in the years 2024 and 2025 in connection with the discontinued operation PUMA United, see Chapter 24 of the notes to the consolidated financial statements. The years 2021 to 2023 were not adjusted retrospectively.

In the Footwear product division, currency-adjusted sales decreased by 7.1% and sales in the reporting currency, the euro, fell by 13.1% to € 4,113.8 million (previous year: € 4,733.6 million). While growth was achieved in the Running category, with NITRO and Lite product families, and in Sportstyle Prime & Select, sales declined in the other categories. In the core business, the rebalancing of our presence with large-scale retailers and the sales performance of individual franchises contributed to the reduction in sales. The growth within the Sportstyle Prime & Select categories was particularly attributable to the Speedcat family. The share of the Footwear product division in total sales remained unchanged from the previous year at 56.4%.

Sales in the Apparel product division decreased by 9.7% currency-adjusted and by 13.9% in the reporting currency, the euro, to € 2,328.5 million (previous year: € 2,703.7 million). With the exception of slightly higher sales in the Training, Basketball and Motorsport categories, sales in the other categories declined. The share of the Apparel product division decreased to 31.9% of Group sales (previous year: 32.2%).

The Accessories product division recorded a currency-adjusted sales decrease of 8.5% and, in the reporting currency Euro, a decrease of 11.1% to € 853.9 million (previous year: € 960.7 million). Sales decreased across all categories. The share of the Accessories product division in consolidated sales increased from 11.4% in the previous year to 11.7% in 2025.

* includes adjustments to sales in the Apparel and Accessories product divisions in the years 2024 and 2025 in connection with the discontinued operation PUMA United; see Chapter 24 of the Notes to the Consolidated Financial Statements. The years 2021 to 2023 were not retrospectively adjusted.

Direct-to-Consumer Business

PUMA's own retail activities include direct sales to our consumers ("Direct-to-consumer business"). This includes selling to our customers in PUMA's own retail stores, the so-called "Full Price Stores" and "Factory Outlets". Our e-commerce business on our own online platforms and on the platforms of online retailers, which we refer to as "marketplaces", is also part of the direct sales to our consumers. Our own retail businesses ensure regional availability of PUMA products and the presentation of the PUMA brand in an environment suitable to our brand positioning.

PUMA's direct-to-consumer sales increased by 3.4% currency-adjusted and decreased by 2.6% in the reporting currency Euro to € 2,361.1 million in financial year 2025 (previous year: € 2,425.4 million). Direct-to-consumer sales corresponded to a share of 32.4% of total sales (previous year: 28.9%). Adjusted for currency effects, sales in PUMA's own full-price stores and factory outlets increased by 3.4% in 2025. In the e-commerce business, currency-adjusted sales also increased by 3.4% in 2025. In the reporting currency Euro, sales in PUMA's own full-price stores and factory outlets decreased by 3.3% and in the e-commerce business by 1.4%.

The volumes sold in our own full-price stores and factory outlets increased by 3.4%, in line with currency-adjusted sales. In the e-commerce business, volumes sold were 2.8% lower than in the previous year.

The "reduction of discount levels" Reset action, which was launched as planned, led to the desired noticeable increase in average selling prices in the e-commerce and full-price business.

Sales from own retail activities in the Footwear product division grew by 5.5% currency-adjusted and decreased by 1.4% in the reporting currency to € 1,275.5 million (previous year: € 1,293.4 million). Sales from own retail activities in the Apparel product division increased by 0.2% currency-adjusted and decreased by 5.0% in the reporting currency to € 898.5 million (previous year: € 945.9 million). Sales from own retail activities in the Accessories product division increased by 5.3% currency-adjusted and by 0.6% in the reporting currency to € 187.2 million (previous year: € 186.1 million).

* includes adjustments to the disclosure "in % of sales" in the years 2024 and 2025 in connection with the discontinued operation PUMA United, see Chapter 24 of the notes to the consolidated financial statements. The years 2021 to 2023 were not retrospectively adjusted.

Wholesale Business

Wholesale is PUMA's largest sales channel. Currency-adjusted sales in PUMA's wholesale business declined by 12.8% and in the reporting currency Euro by 17.4% to € 4,935.0 million (previous year: € 5,972.6 million) in the financial year 2025. This corresponded to a 67.6% share of total sales compared to 71.1% in the previous year. The sales development of the wholesale business in 2025 was particularly adversely affected by the strategic reset actions. This included the reduction of sales to large-scale retailers, the reduction of excess inventories through product returns at some retail partners, promotional actions in the wholesale business and timing deviations compared to the previous year regarding call-offs of customer orders. The actions amounted to a total in the mid-triple-digit million range. Furthermore, changes in foreign exchange rates, particularly regarding the Turkish lira, the Argentine peso, the US dollar and the Mexican peso, reduced sales in the reporting currency Euro by a total of around € 300 million.

Sales volumes in the wholesale business decreased by 9.1% compared with the previous year. In addition to exchange rate effects, the average price trend had a negative impact due to sales promotion measures.

Sales from the wholesale business in the Footwear product division fell by a currency-adjusted 11.9% and by 17.5% in the reporting currency, the euro, to € 2,838.3 million (last year: € 3,440.2 million). Sales from the wholesale business in the Apparel product division decreased by a currency-adjusted 15.0% and by 18.7% in the reporting currency, the euro, to € 1,430.0 million (last year: € 1,757.8 million), mainly due to declines in the Core and Lifestyle business as well as in the Teamsport area. While the rebalancing of the presence at large-scale retailers contributed to the reduction in sales in the Core business, there was no major sporting event in the Teamsport area to drive Apparel sales. Sales from the wholesale business in the Accessories product division declined by a currency-adjusted 11.7% and by 13.9% in the reporting currency, the euro, to € 666.7 million (last year: € 774.6 million).

Regional Development

In the following explanation of the regional development of sales, the sales are allocated to the customers' actual region ("customer site"). It is divided into three geographical regions (EMEA, Americas and Asia/Pacific).

All three regions recorded negative currency-adjusted sales development.

In the EMEA region, sales in the reporting currency, the euro, decreased by 9.6% to € 3,143.2 million (previous year: € 3,475.7 million). Adjusted for currency effects, this corresponded to a decrease in sales of 6.9%. A currency-adjusted increase in sales in EEMEA was offset by sales decreases in Europe (EEA). The EMEA region accounted for 43.1% of Group sales in 2025 compared to 41.4% in the previous year.

With regard to product divisions, sales from Footwear recorded a currency-adjusted decline of 5.2%. Currency-adjusted sales of Apparel decreased by 8.7% and currency-adjusted sales of Accessories declined by 8.1%.

In the Americas region, sales decreased by 10.0% currency-adjusted and by 17.9% in the reporting currency, the euro, to € 2,558.2 million (previous year: € 3,116.8 million). In Latin America in particular, the weakness of the Argentinian and Mexican peso against the euro resulted in negative foreign exchange effects. While Latin America achieved a currency-adjusted sales increase of 2.1%, sales in North America decreased by 18.7% currency-adjusted. This decline was due to a not insignificant extent to the reset measures, which aimed at the reduction of sales with wholesale operations that are not beneficial to PUMA’s brand desirability and a reduction of excess inventory levels through product returns at some retail partners. In addition, customs policy and the muted consumer demand resulting from further political uncertainties had a negative impact on PUMA’s retail business. The share of the Americas region in Group sales decreased from 37.1% in the previous year to 35.1% in 2025.

With regard to product divisions, Footwear (currency-adjusted -13.1%), Apparel (currency-adjusted -2.8%), and Accessories (currency-adjusted -8.5%) recorded a sales decline compared to the previous year. The sales decline in the Footwear product division was due to the reset measures explained above, particularly in North America. The sales decline in the Apparel division, caused by reset measures in North America, was partially offset by sales growth in Latin America. The main driver of this sales growth was the retail business.

* includes adjustments to sales in the years 2024 and 2025 in connection with the discontinued operation PUMA United, see Chapter 24 of the notes to the consolidated financial statements. The years 2021 to 2023 were not retrospectively adjusted.

In the Asia/Pacific region, sales in the reporting currency, the euro, decreased by 11.7% to € 1,594.7 million (previous year: € 1,805.5 million). Adjusted for currency effects, this corresponded to a decline in sales of 7.4%. The currency-adjusted increase in sales in Korea and Southeast Asia was offset by declining sales in particular in China, as well as in other Asian countries. The decline in sales in China in particular resulted mainly from reset measures involving product returns to reduce excessive inventory levels at some retail partners as well as from volume-driven reductions in promotional activities in the retail business. The share of the Asia/Pacific region in Group sales increased from 21.5% in the previous year to 21.9% in 2025.

With regard to product divisions, sales from Footwear recorded a currency-adjusted increase of 0.9%. Currency-adjusted sales of Apparel declined by 20.2% and currency-adjusted sales of Accessories declined by 10.2%.