Puma has reported that in the first quarter its currency adjusted sales were down 1.0 per cent to €1.8 billion (£1.6 billion) due to weaker currencies.

The US Dollar, Turkish Lira and Argentine Peso deprecating caused a reported sales decline of 6.3 per cent. However, Puma’s sales development was aided by the clearance of its elevated inventories.

Its wholesale business decreased by 2.8 per cent to €1.3 billion (£1.1 billion) due to lower demand from retail partners in the EMEA.

However, its direct-to-consumer business grew by 3.8 per cent to €528.1 million (£457.4 million). Puma put the increase down to a sales growth of 5.7 per cent (currency adjusted) in owned and operated retail stores which was driven by inventory clearance in its outlet stores.

Despite having reduced its E-commerce promotions, sales increased by 0.6 per cent (currency adjusted), assisted by additional E-commerce marketplaces across APAC.

It highlighted that its EMEA sales had decreased by 10.4 per cent (currency adjusted) to €774.5 million (£670.8 million). It linked the decline to weaker demand in the region, a slower wholesale performance and lower sales in the Middle East due to the ongoing conflict.

Chief executive officer of PUMA SE Arthur Hoeld said: “In the first quarter our athletes won 21 medals at the World Athletics Indoor Championships and set national records at the Berlin Half Marathon.

“We had successful product launches such as the first ever performance shoe made specifically for HYROX as well as our federation kits for the FIFA World Cup.”

In the Americas, sales rose by 6.1 per cent (currency adjusted) to €655.6 million (£567.8 million). However, currency effects such as the weaker US Dollar and Argentine Peso, caused a reported sales decline of 1.8 per cent.

Latin America had a growth rate of 10.5 per cent (currency adjusted), while North American sales increased by 2.3 per cent (currency adjusted). In the Asia Pacific region sales were up by 7.9 per cent (currency adjusted).

Puma reported its sales in its broader footwear category decreased by 2.3 per cent (currency adjusted) but its running and training categories saw “strong growth”. Apparel sales rose by 0.9 per cent (currency adjusted).

Puma’s reported a free cash flow of €-201.4 million (£-174.4 million),up from the previous year’s free cash flow of €-737.6 million (£-638.7 million).

He added: “Operationally, we were off to a solid start to our transition year in 2026. We have managed to reduce our inventory levels faster than planned, streamlined our product portfolio and addressed operational inefficiencies.

“We have also made progress in further improving our organisation and our operational model.”

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