Puma's stock surged 6% Thursday after the sportswear giant reported full-year results that exceeded expectations. The company posted revenue of €7.296 billion, ahead of the €7.12 billion consensus, while headline EBIT showed a loss of €357.2 million compared to expectations for a €374 million loss.

Fourth-quarter trends remained weak but showed relative improvement, with sales excluding FX falling 20.7% versus the expected 30.2% decline. Wholesale dropped 28% year over year, while direct-to-consumer fell a smaller 8%. Gross margin came in at 40.2%, below the 41.1% consensus, reflecting discounting and inventory actions. Analysts at Jefferies noted the results confirm progress slightly ahead of the journey mapped out in late 2025.

Inventory stood at €2.06 billion at year-end, up 2.3% year over year, though Puma said the clean-up process is "slightly ahead of plan" and should normalize by end-2026. For 2026, the company guided to low- to mid-single-digit percentage sales decline excluding FX, compared to a -3.7% consensus, and an EBIT loss of between €50 million and €150 million including charges. The sportswear group had already outlined 2026 as a transition year, with analysts noting the guidance feels consistent with market expectations despite the World Cup.