Puma: Inventory analysis - good progress on inventory purr-ge

Research evidence excerpt

Puma: Inventory analysis - good progress on inventory purr-ge

21 July 2026

William Woods

+44 20 7676 6806

European General Retail william.woods@bernsteinsg.com

Puma Richard Trainor

+44 20 7762 1050

Rating richard.trainor@bernsteinsg.com

Outperform Alice Buckley

Price Target +44 20 7676 6739

alice.buckley@bernsteinsg.com

PUM.GR 35.00 EUR

Rhea Gudiwala

+44 20 7676 7293

rhea.gudiwala@bernsteinsg.com

Puma has been clearing its inventory since its H1-26 results as a key part of its turnaround

Close Date 17 Jul 2026

strategy. We refresh our analysis from Feb -26 (see note here) to track Puma’s progress 1 year

PUM.GR Close Price (EUR) 28.48

later. Into the Puma’s H1-26 print on 31st July (preview here), we expect continued positive Price Target (EUR) 35.00

commentary on Puma’s inventory clearance, but think it will be more important to now start Upside/(Downside) 23%

hearing about the path to brand revival and product innovation pipeline once inventory is in a 52-Week Range 30.31/15.30

good place. EDME 1,587.83

FYE Dec

1) SKU count continues to decline across DTC and wholesale channels, reflecting Div Yield NA

solid inventory clearance progress, particularly in the UK. Puma's UK DTC SKU count

Market Cap (EUR) (M) 4,325

is down almost 50% from the Jul-25 peak. Meanwhile, wholesale partners have seen SKU

EV (EUR) (M) 6,347

rationalization, particularly at retailers such as JD Sports and Size?, as Puma tries to regain

control of its brand perception with a more targeted assortment. Performance YTD 1M 6M 12M

Absolute (%) 31.0 4.0 36.8 33.3

2) The US remains behind the UK in the clearance cycle, but progress through EDME (%) 8.0 0.6 6.2 17.5

wholesale channels is encouraging. SKU count on Puma's US DTC platform has continued Relative (%) 23.1 3.4 30.6 15.8