Puma SE

PUM: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Puma Earnings: Results Meet Expectations but Recovery Remains a Challenge; Shares Attractive

David Swartz

Nov 2, 2026

Puma's third-quarter currency-neutral sales fell 6% as 10% growth in Asia-Pacific (22% of sales) could not overcome large declines in the Americas and Europe. Gross margin rose 420 points to 49.5% on a EUR 30 million tariff refund, lower logistics costs, currency gains, and favorable channel mix.

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Puma SE

Puma Earnings: Results Meet Expectations but Recovery Remains a Challenge; Shares Attractive

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