<p>PUMA SE NPV ((DE:PUM)) 已召开其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级为市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>PUMA SE 最新的财报电话会议传达了谨慎乐观的语气，展示了在利润率、现金管理和品牌热度方面的实质性进展，同时坦诚承认持续的销售压力和对 2026 年的经营亏损指导。管理层将这一时期框定为转型阶段，结构性修复进展快于收入增长，而外部逆风仍对短期盈利能力造成压力。</p>
<h2>盈利能力和利润率改善</h2>
<p>尽管销售疲软，PUMA 报告了盈利能力的显著提升，毛利率扩大了 60 个基点，达到 47.7%，因为产品组合和定价抵消了压力。调整后的 EBIT 增长约 5%，达到约 6400 万欧元，报告的 EBIT 几乎增长 20%，达到约 5200 万欧元，使 EBIT 利润率从一年前的 2.2% 提升至 2.8%。</p>
<h2>直接面向消费者 (D2C) 动力</h2>
<p>公司继续向更高利润率的直接渠道转型，D2C 销售在本季度整体增长 3.8%。自营门店增长 5.7%，而电子商务略微上升 0.6%，推动 D2C 销售占比从去年的 27.5% 提升至 28.3%，支持了更具盈利性的渠道组合。</p>
<h2>库存和营运资本进展</h2>
<p>管理层强调在清理资产负债表方面取得了明显进展，库存下降约 9%，至 19 亿欧元，贸易应收款下降约 20%，至 12 亿欧元。贸易应付款下降约 26%，至 10 亿欧元，整体营运资本减少近 10%，至 18 亿欧元，并计划到 2026 年底将库存降至销售的 25% 以下。</p>
<h2>成本控制和运营费用减少</h2>
<p>不包括一次性费用的运营费用下降约 5.5%，至 8.48 亿欧元，反映了成本效率计划带来的节省和逐步降低的市场营销支出。公司还在结构上调整运营，已计划在 2025 年上半年裁减 500 个职位，并通过进一步裁员目标实现 20% 的企业成本削减。</p>
<h2>产品和品牌胜利</h2>
<p>PUMA 强调强大的产品吸引力是其转型的关键支柱，NITRO 性能平台在跑步和 HYROX 健身活动中引起了共鸣。多个热销产品，包括 HYROX 品牌模型、Deviate NITRO Elite 4 和一款签名手球鞋，以及 11 支球队晋级 FIFA 世界杯和赛车领奖台，帮助保持品牌的高可见度。</p>
<h2>更强的财务缓冲</h2>
<p>尽管季节性现金流出，PUMA 增强了其财务缓冲，现金同比增长约 15%，达到 3.26 亿欧元。结合约 8 亿欧元的未使用信贷额度，公司估计总财务缓冲约为 11 亿欧元，并预计 2026 财年的自由现金流将转为正值。</p>
<h2>产品线合理化进展</h2>
<p>集团正在简化其产品供应，以提高效率和专注度，已实现库存单位的中双位数减少。该战略旨在建立一个更一致的全球核心产品组合，以便于扩展，同时仍允许本地团队根据明确需求添加市场特定产品。</p>
<h2>顶线压力和前景</h2>
<p>与利润率的提升形成对比的是，顶线动能依然疲弱，集团销售在本季度按货币调整后下降 1%，而排除清仓和重置效应的基础销售则下降了低至中个位数。管理层重申，2026 年全年可能会出现类似的低至中个位数的货币调整销售下降，预计下半年会好于上半年，而第二季度明显低于第一季度。</p>
<h2>区域疲软 — EMEA 和批发</h2>
<p>区域和渠道趋势不均，EMEA 由于需求疲软和故意削减低质量批发业务，成为拖累，货币调整后销售下降约 10%。整体批发收入下降 2.8%，公司计划在年底前推动美国大宗商销售出现双位数下降，以改善品牌定位和盈利能力。</p>
<h2>鞋类和风格逆风</h2>
<p>鞋类表现参差不齐，尽管以性能为导向的模型如 NITRO 跑鞋和 HYROX 相关产品销售良好，但整体类别销售下降约 2.3%。公司承认生活方式和更广泛的风格鞋类仍面临压力，可能需要几个季度的产品工作才能在 2027 年之前重建动能。</p>
<h2>显著的外汇和报告销售影响</h2>
<p>货币波动是另一个明显的逆风，将温和的基础下降转化为更明显的报告数字，总销售额按报告计算下降 6.3%。管理层指出，美元、土耳其里拉和阿根廷比索是主要原因，外汇波动显著扩大了报告和货币调整表现之间的差距。</p>
<h2>负自由现金流和高企的净债务</h2>
<p>现金生成季节性疲弱，本季度自由现金流为负，达到 2.01 亿欧元，尽管相比去年有所改善。净债务从 2025 年同期的约 10 亿欧元上升至约 13 亿欧元，管理层明确表示，去杠杆化将是调整资产负债表以适应新运营模式的优先事项。</p>
<h2>全年盈利能力指导仍为负值</h2>
<p>投资者被提醒，尽管利润率有所改善，但当前年度仍预计在运营层面上出现亏损，管理层维持对 2026 年全年息税前利润（EBIT）在大约 5000 万欧元至 1.5 亿欧元的负范围内的指导。尽管一次性项目预计将显著低于 2025 年，但销售下降和持续的战略投资的结合限制了近期的盈利能力。</p>
<h2>运营支出比率与持续投资的必要性</h2>
<p>尽管绝对运营支出有所下降，但运营成本与销售的比率实际上上升了约 40 个基点，因为费用未能像收入那样迅速下降。管理层强调，关键投资，特别是在数字化和直面消费者（D2C）能力方面，必须继续进行，这限制了在不损害品牌和长期增长引擎的情况下进行更深层次成本削减的空间。</p>
<h2>宏观经济与地缘政治不确定性</h2>
<p>外部风险仍然是一个关注点，持续的中东冲突和潜在美国关税的不确定性被视为对消费者信心和供应链的威胁。尽管中东市场的销售占比不到 2%，但 PUMA 警告称，较高的燃油和运费附加费以及更广泛的输入成本压力仍可能出现，并对利润率造成影响。</p>
<h2>前瞻性指导与战略展望</h2>
<p>展望未来，PUMA 预计 2026 年将仍然是一个过渡年，按货币调整后的销售将下降至低至中个位数，但下半年将更强劲，因为产品重置和渠道组合变化开始生效。公司目标是实现更高的毛利率，绝对运营支出相对稳定，正的自由现金流，库存低于销售的 25%，约 2 亿欧元的资本支出集中于数字化和 D2C，以及在大约 11 亿欧元的财务空间支持下逐步去杠杆化。</p>
<p>PUMA 的财报电话会议描绘了一个积极修复中的品牌，收紧资产负债表，优化产品范围，并倾向于 D2C，同时接受近期的收入和利润痛苦。对于投资者而言，故事的关键在于今天的利润率和结构性收益是否能够在宏观压力缓解后点燃可持续的收入增长。</p>

<p>PUMA SE 第一季度的财报电话会议强调了尽管销售压力持续，但利润率和盈利能力有所改善，毛利率上升至 47.7%。直接面向消费者的销售增长了 3.8%，公司在减少库存和运营费用方面取得了进展。然而，整体销售下降了 1%，预计 2026 年将出现类似的下降。地区性弱点被指出，特别是在欧洲、中东和非洲地区，货币波动也影响了报告的销售。PUMA 旨在实现更高效的产品组合，并预计到 2026 年将实现正的自由现金流，尽管目前的现金流为负，达到 2.01 亿欧元</p>

<p>PUMA SE NPV ((DE:PUM)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>PUMA SE NPV ((DE:PUM)) 已召开其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级为市场领先者的投资组合，使用智能投资者精选</li>
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</div><p>PUMA SE’s latest earnings call struck a cautiously optimistic tone, showcasing tangible progress on margins, cash discipline and brand heat while openly acknowledging persisting sales pressure and a guided operating loss for 2026. Management framed the period as a transformation phase, with structural fixes advancing faster than the top line and external headwinds still weighing on near‑term profitability.</p>
<div class="lb-trans"><p>PUMA SE 最新的财报电话会议传达了谨慎乐观的语气，展示了在利润率、现金管理和品牌热度方面的实质性进展，同时坦诚承认持续的销售压力和对 2026 年的经营亏损指导。管理层将这一时期框定为转型阶段，结构性修复进展快于收入增长，而外部逆风仍对短期盈利能力造成压力。</p>
</div><h2>Improved Profitability and Margins</h2>
<div class="lb-trans"><h2>盈利能力和利润率改善</h2>
</div><p>PUMA reported a notable step‑up in profitability despite softer sales, with gross margin expanding 60 basis points to 47.7% as mix and pricing offset pressures. Adjusted EBIT rose about 5% to roughly €64 million and reported EBIT climbed nearly 20% to around €52 million, lifting the EBIT margin to 2.8% from 2.2% a year earlier.</p>
<div class="lb-trans"><p>尽管销售疲软，PUMA 报告了盈利能力的显著提升，毛利率扩大了 60 个基点，达到 47.7%，因为产品组合和定价抵消了压力。调整后的 EBIT 增长约 5%，达到约 6400 万欧元，报告的 EBIT 几乎增长 20%，达到约 5200 万欧元，使 EBIT 利润率从一年前的 2.2% 提升至 2.8%。</p>
</div><h2>Direct‑to‑Consumer (D2C) Momentum</h2>
<div class="lb-trans"><h2>直接面向消费者 (D2C) 动力</h2>
</div><p>The company continued to pivot toward higher‑margin direct channels, with D2C sales up 3.8% overall in the quarter. Owned and operated stores led the way with 5.7% growth while e‑commerce edged 0.6% higher, pushing D2C’s share of sales to 28.3% versus 27.5% last year and supporting a more profitable channel mix.</p>
<div class="lb-trans"><p>公司继续向更高利润率的直接渠道转型，D2C 销售在本季度整体增长 3.8%。自营门店增长 5.7%，而电子商务略微上升 0.6%，推动 D2C 销售占比从去年的 27.5% 提升至 28.3%，支持了更具盈利性的渠道组合。</p>
</div><h2>Inventory and Working Capital Progress</h2>
<div class="lb-trans"><h2>库存和营运资本进展</h2>
</div><p>Management highlighted clear progress in cleaning up the balance sheet, with inventories down around 9% to €1.9 billion and trade receivables falling roughly 20% to €1.2 billion. Trade payables declined about 26% to €1.0 billion, driving an overall working‑capital reduction of almost 10% to €1.8 billion and a path to inventory below 25% of sales by the end of 2026.</p>
<div class="lb-trans"><p>管理层强调在清理资产负债表方面取得了明显进展，库存下降约 9%，至 19 亿欧元，贸易应收款下降约 20%，至 12 亿欧元。贸易应付款下降约 26%，至 10 亿欧元，整体营运资本减少近 10%，至 18 亿欧元，并计划到 2026 年底将库存降至销售的 25% 以下。</p>
</div><h2>Cost Discipline and OpEx Reduction</h2>
<div class="lb-trans"><h2>成本控制和运营费用减少</h2>
</div><p>Operating expenses excluding one‑offs fell about 5.5% to €848 million, reflecting savings from a cost efficiency program and lower, phased marketing spending. The company is also structurally rightsizing operations, having already planned 500 position reductions by the first half of 2025 and targeting a 20% corporate cost reduction through further headcount cuts.</p>
<div class="lb-trans"><p>不包括一次性费用的运营费用下降约 5.5%，至 8.48 亿欧元，反映了成本效率计划带来的节省和逐步降低的市场营销支出。公司还在结构上调整运营，已计划在 2025 年上半年裁减 500 个职位，并通过进一步裁员目标实现 20% 的企业成本削减。</p>
</div><h2>Product and Brand Wins</h2>
<div class="lb-trans"><h2>产品和品牌胜利</h2>
</div><p>PUMA underscored strong product traction as a key pillar of its turnaround, with the NITRO performance platform resonating in running and HYROX fitness events. Multiple sellouts, including HYROX‑branded models, the Deviate NITRO Elite 4 and a signature handball shoe, plus 11 teams qualifying for the FIFA World Cup and motorsport podiums, are helping keep brand visibility high.</p>
<div class="lb-trans"><p>PUMA 强调强大的产品吸引力是其转型的关键支柱，NITRO 性能平台在跑步和 HYROX 健身活动中引起了共鸣。多个热销产品，包括 HYROX 品牌模型、Deviate NITRO Elite 4 和一款签名手球鞋，以及 11 支球队晋级 FIFA 世界杯和赛车领奖台，帮助保持品牌的高可见度。</p>
</div><h2>Stronger Financial Headroom</h2>
<div class="lb-trans"><h2>更强的财务缓冲</h2>
</div><p>Despite seasonal cash outflows, PUMA has bolstered its financial cushion, with cash increasing about 15% year on year to €326 million. When combined with roughly €800 million in unused credit facilities, the company estimates total financial headroom of around €1.1 billion and expects free cash flow to turn positive for the 2026 financial year.</p>
<div class="lb-trans"><p>尽管季节性现金流出，PUMA 增强了其财务缓冲，现金同比增长约 15%，达到 3.26 亿欧元。结合约 8 亿欧元的未使用信贷额度，公司估计总财务缓冲约为 11 亿欧元，并预计 2026 财年的自由现金流将转为正值。</p>
</div><h2>Range Rationalization Progress</h2>
<div class="lb-trans"><h2>产品线合理化进展</h2>
</div><p>The group is simplifying its product offering to drive efficiency and focus, having achieved a mid‑double‑digit reduction in stock‑keeping units. The strategy is to build a more consistent global core assortment that can scale, while still allowing local teams to layer on market‑specific products where there is clear demand.</p>
<div class="lb-trans"><p>集团正在简化其产品供应，以提高效率和专注度，已实现库存单位的中双位数减少。该战略旨在建立一个更一致的全球核心产品组合，以便于扩展，同时仍允许本地团队根据明确需求添加市场特定产品。</p>
</div><h2>Top‑Line Pressure and Outlook</h2>
<div class="lb-trans"><h2>顶线压力和前景</h2>
</div><p>In contrast to margin gains, top‑line momentum remains weak, with group sales down 1% on a currency‑adjusted basis in the quarter and underlying sales, excluding clearance and reset effects, declining in the low‑ to mid‑single digits. Management reiterated that full‑year 2026 is likely to see a similar low‑ to mid‑single‑digit currency‑adjusted sales decline, with the second half better than the first and the second quarter clearly softer than the first.</p>
<div class="lb-trans"><p>与利润率的提升形成对比的是，顶线动能依然疲弱，集团销售在本季度按货币调整后下降 1%，而排除清仓和重置效应的基础销售则下降了低至中个位数。管理层重申，2026 年全年可能会出现类似的低至中个位数的货币调整销售下降，预计下半年会好于上半年，而第二季度明显低于第一季度。</p>
</div><h2>Regional Weakness — EMEA and Wholesale</h2>
<div class="lb-trans"><h2>区域疲软 — EMEA 和批发</h2>
</div><p>Regional and channel trends were uneven, with EMEA standing out as a drag after a roughly 10% currency‑adjusted sales drop driven by weaker demand and deliberate pruning of lower‑quality wholesale business. Overall wholesale revenue fell 2.8%, as the company pushes ahead with a planned double‑digit decline in U.S. mass‑merchant sales through year‑end to improve brand positioning and profitability.</p>
<div class="lb-trans"><p>区域和渠道趋势不均，EMEA 由于需求疲软和故意削减低质量批发业务，成为拖累，货币调整后销售下降约 10%。整体批发收入下降 2.8%，公司计划在年底前推动美国大宗商销售出现双位数下降，以改善品牌定位和盈利能力。</p>
</div><h2>Footwear and Style Headwinds</h2>
<div class="lb-trans"><h2>鞋类和风格逆风</h2>
</div><p>Footwear performance was mixed, with overall category sales down about 2.3% even as performance‑oriented models such as NITRO running and HYROX‑linked products sold well. The company acknowledged that lifestyle and broader style footwear remain under pressure and will likely need several seasons of product work to rebuild momentum heading into 2027.</p>
<div class="lb-trans"><p>鞋类表现参差不齐，尽管以性能为导向的模型如 NITRO 跑鞋和 HYROX 相关产品销售良好，但整体类别销售下降约 2.3%。公司承认生活方式和更广泛的风格鞋类仍面临压力，可能需要几个季度的产品工作才能在 2027 年之前重建动能。</p>
</div><h2>Significant FX and Reported Sales Impact</h2>
<div class="lb-trans"><h2>显著的外汇和报告销售影响</h2>
</div><p>Currency movements were another clear headwind, turning modest underlying declines into sharper reported figures, with total sales down 6.3% in reported terms. Management cited the U.S. dollar, Turkish lira and Argentine peso as the main culprits, noting that foreign‑exchange swings significantly widened the gap between reported and currency‑adjusted performance.</p>
<div class="lb-trans"><p>货币波动是另一个明显的逆风，将温和的基础下降转化为更明显的报告数字，总销售额按报告计算下降 6.3%。管理层指出，美元、土耳其里拉和阿根廷比索是主要原因，外汇波动显著扩大了报告和货币调整表现之间的差距。</p>
</div><h2>Negative Free Cash Flow and Elevated Net Debt</h2>
<div class="lb-trans"><h2>负自由现金流和高企的净债务</h2>
</div><p>Cash generation remained seasonally weak, with free cash flow negative at €201 million for the quarter despite improvement versus the prior year. Net debt rose to around €1.3 billion from about €1.0 billion at the same point in 2025, and management made clear that deleveraging will be a priority as the balance sheet adjusts to the new operating model.</p>
<div class="lb-trans"><p>现金生成季节性疲弱，本季度自由现金流为负，达到 2.01 亿欧元，尽管相比去年有所改善。净债务从 2025 年同期的约 10 亿欧元上升至约 13 亿欧元，管理层明确表示，去杠杆化将是调整资产负债表以适应新运营模式的优先事项。</p>
</div><h2>Full‑Year Profitability Guidance Remains Negative</h2>
<div class="lb-trans"><h2>全年盈利能力指导仍为负值</h2>
</div><p>Investors were reminded that the current year is still expected to be loss‑making at the operating level even as margins improve, with management maintaining guidance for full‑year 2026 EBIT in a negative range of roughly €50 million to €150 million. Although one‑off items should be materially lower than in 2025, the combination of lower sales and ongoing strategic investments limits near‑term profitability.</p>
<div class="lb-trans"><p>投资者被提醒，尽管利润率有所改善，但当前年度仍预计在运营层面上出现亏损，管理层维持对 2026 年全年息税前利润（EBIT）在大约 5000 万欧元至 1.5 亿欧元的负范围内的指导。尽管一次性项目预计将显著低于 2025 年，但销售下降和持续的战略投资的结合限制了近期的盈利能力。</p>
</div><h2>OpEx Ratio and Continued Investment Necessity</h2>
<div class="lb-trans"><h2>运营支出比率与持续投资的必要性</h2>
</div><p>While absolute OpEx moved lower, the ratio of operating costs to sales actually rose by about 40 basis points because expenses did not decline as quickly as revenue. Management stressed that key investments, particularly in digital and D2C capabilities, must continue, which caps the scope for deeper cost cuts without undermining the brand and long‑term growth engine.</p>
<div class="lb-trans"><p>尽管绝对运营支出有所下降，但运营成本与销售的比率实际上上升了约 40 个基点，因为费用未能像收入那样迅速下降。管理层强调，关键投资，特别是在数字化和直面消费者（D2C）能力方面，必须继续进行，这限制了在不损害品牌和长期增长引擎的情况下进行更深层次成本削减的空间。</p>
</div><h2>Macroeconomic and Geopolitical Uncertainty</h2>
<div class="lb-trans"><h2>宏观经济与地缘政治不确定性</h2>
</div><p>External risks remain a watchpoint, with the ongoing Middle East conflict and uncertainty around potential U.S. tariffs flagged as threats to consumer confidence and supply chains. Although the Middle East accounts for less than 2% of sales, PUMA warned that higher bunker and freight surcharges and broader input‑cost pressures could still emerge and weigh on margins.</p>
<div class="lb-trans"><p>外部风险仍然是一个关注点，持续的中东冲突和潜在美国关税的不确定性被视为对消费者信心和供应链的威胁。尽管中东市场的销售占比不到 2%，但 PUMA 警告称，较高的燃油和运费附加费以及更广泛的输入成本压力仍可能出现，并对利润率造成影响。</p>
</div><h2>Forward‑Looking Guidance and Strategic Outlook</h2>
<div class="lb-trans"><h2>前瞻性指导与战略展望</h2>
</div><p>Looking ahead, PUMA expects 2026 to remain a transition year with currency‑adjusted sales down in the low‑ to mid‑single digits, but with a stronger second half as product resets and channel mix changes take hold. The company is targeting a higher gross margin, relatively stable OpEx in absolute terms, positive free cash flow, inventory below 25% of sales, disciplined capital spending of about €200 million focused on digital and D2C, and gradual deleveraging supported by roughly €1.1 billion in financial headroom.</p>
<div class="lb-trans"><p>展望未来，PUMA 预计 2026 年将仍然是一个过渡年，按货币调整后的销售将下降至低至中个位数，但下半年将更强劲，因为产品重置和渠道组合变化开始生效。公司目标是实现更高的毛利率，绝对运营支出相对稳定，正的自由现金流，库存低于销售的 25%，约 2 亿欧元的资本支出集中于数字化和 D2C，以及在大约 11 亿欧元的财务空间支持下逐步去杠杆化。</p>
</div><p>PUMA’s earnings call painted the picture of a brand in active repair mode, tightening its balance sheet, sharpening its product range and leaning into D2C while accepting near‑term revenue and profit pain. For investors, the story hinges on whether today’s margin and structural gains can eventually ignite sustainable top‑line growth once macro pressures ease and the full product and channel reset plays through.</p>
<div class="lb-trans"><p>PUMA 的财报电话会议描绘了一个积极修复中的品牌，收紧资产负债表，优化产品范围，并倾向于 D2C，同时接受近期的收入和利润痛苦。对于投资者而言，故事的关键在于今天的利润率和结构性收益是否能够在宏观压力缓解后点燃可持续的收入增长。</p>
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PUMA SE 财报电话会议：利润率上升，但增长面临压力