Puma’s Q3 Reset Cuts Inventory but Sales Remain Under Pressure

Puma reported a 6.3% currency-adjusted Q3 sales decline, with North America and EMEA weakness partly offset by APAC growth. Inventory fell 24.3% and free cash flow improved, while tariff refunds contributed to margin gains; a newly read transcript provided no additional usable details. Watch whether lower wholesale exposure and stronger DTC can restore growth.