<p>PUMA SE NPV ((DE:PUM)) 已召開其第一季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解鎖對沖基金級別的數據和強大的投資工具，以做出更聰明、更精準的決策</li>
<li>發現表現優異的股票投資理念，並升級為市場領先者的投資組合，使用智能投資者精選</li>
</ul>
<p>PUMA SE 最新的財報電話會議傳達了謹慎樂觀的語氣，展示了在利潤率、現金管理和品牌熱度方面的實質性進展，同時坦誠承認持續的銷售壓力和對 2026 年的經營虧損指導。管理層將這一時期框定為轉型階段，結構性修復進展快於收入增長，而外部逆風仍對短期盈利能力造成壓力。</p>
<h2>盈利能力和利潤率改善</h2>
<p>儘管銷售疲軟，PUMA 報告了盈利能力的顯著提升，毛利率擴大了 60 個基點，達到 47.7%，因為產品組合和定價抵消了壓力。調整後的 EBIT 增長約 5%，達到約 6400 萬歐元，報告的 EBIT 幾乎增長 20%，達到約 5200 萬歐元，使 EBIT 利潤率從一年前的 2.2% 提升至 2.8%。</p>
<h2>直接面向消費者 (D2C) 動力</h2>
<p>公司繼續向更高利潤率的直接渠道轉型，D2C 銷售在本季度整體增長 3.8%。自營門店增長 5.7%，而電子商務略微上升 0.6%，推動 D2C 銷售佔比從去年的 27.5% 提升至 28.3%，支持了更具盈利性的渠道組合。</p>
<h2>庫存和營運資本進展</h2>
<p>管理層強調在清理資產負債表方面取得了明顯進展，庫存下降約 9%，至 19 億歐元，貿易應收款下降約 20%，至 12 億歐元。貿易應付款下降約 26%，至 10 億歐元，整體營運資本減少近 10%，至 18 億歐元，並計劃到 2026 年底將庫存降至銷售的 25% 以下。</p>
<h2>成本控制和運營費用減少</h2>
<p>不包括一次性費用的運營費用下降約 5.5%，至 8.48 億歐元，反映了成本效率計劃帶來的節省和逐步降低的市場營銷支出。公司還在結構上調整運營，已計劃在 2025 年上半年裁減 500 個職位，並通過進一步裁員目標實現 20% 的企業成本削減。</p>
<h2>產品和品牌勝利</h2>
<p>PUMA 強調強大的產品吸引力是其轉型的關鍵支柱，NITRO 性能平台在跑步和 HYROX 健身活動中引起了共鳴。多個熱銷產品，包括 HYROX 品牌模型、Deviate NITRO Elite 4 和一款簽名手球鞋，以及 11 支球隊晉級 FIFA 世界盃和賽車領獎台，幫助保持品牌的高可見度。</p>
<h2>更強的財務緩衝</h2>
<p>儘管季節性現金流出，PUMA 增強了其財務緩衝，現金同比增長約 15%，達到 3.26 億歐元。結合約 8 億歐元的未使用信貸額度，公司估計總財務緩衝約為 11 億歐元，並預計 2026 財年的自由現金流將轉為正值。</p>
<h2>產品線合理化進展</h2>
<p>集團正在簡化其產品供應，以提高效率和專注度，已實現庫存單位的中雙位數減少。該戰略旨在建立一個更一致的全球核心產品組合，以便於擴展，同時仍允許本地團隊根據明確需求添加市場特定產品。</p>
<h2>頂線壓力和前景</h2>
<p>與利潤率的提升形成對比的是，頂線動能依然疲弱，集團銷售在本季度按貨幣調整後下降 1%，而排除清倉和重置效應的基礎銷售則下降了低至中個位數。管理層重申，2026 年全年可能會出現類似的低至中個位數的貨幣調整銷售下降，預計下半年會好於上半年，而第二季度明顯低於第一季度。</p>
<h2>區域疲軟 — EMEA 和批發</h2>
<p>區域和渠道趨勢不均，EMEA 由於需求疲軟和故意削減低質量批發業務，成為拖累，貨幣調整後銷售下降約 10%。整體批發收入下降 2.8%，公司計劃在年底前推動美國大宗商銷售出現雙位數下降，以改善品牌定位和盈利能力。</p>
<h2>鞋類和風格逆風</h2>
<p>鞋類表現參差不齊，儘管以性能為導向的模型如 NITRO 跑鞋和 HYROX 相關產品銷售良好，但整體類別銷售下降約 2.3%。公司承認生活方式和更廣泛的風格鞋類仍面臨壓力，可能需要幾個季度的產品工作才能在 2027 年之前重建動能。</p>
<h2>顯著的外匯和報告銷售影響</h2>
<p>貨幣波動是另一個明顯的逆風，將温和的基礎下降轉化為更明顯的報告數字，總銷售額按報告計算下降 6.3%。管理層指出，美元、土耳其里拉和阿根廷比索是主要原因，外匯波動顯著擴大了報告和貨幣調整表現之間的差距。</p>
<h2>負自由現金流和高企的淨債務</h2>
<p>現金生成季節性疲弱，本季度自由現金流為負，達到 2.01 億歐元，儘管相比去年有所改善。淨債務從 2025 年同期的約 10 億歐元上升至約 13 億歐元，管理層明確表示，去槓桿化將是調整資產負債表以適應新運營模式的優先事項。</p>
<h2>全年盈利能力指導仍為負值</h2>
<p>投資者被提醒，儘管利潤率有所改善，但當前年度仍預計在運營層面上出現虧損，管理層維持對 2026 年全年息税前利潤（EBIT）在大約 5000 萬歐元至 1.5 億歐元的負範圍內的指導。儘管一次性項目預計將顯著低於 2025 年，但銷售下降和持續的戰略投資的結合限制了近期的盈利能力。</p>
<h2>運營支出比率與持續投資的必要性</h2>
<p>儘管絕對運營支出有所下降，但運營成本與銷售的比率實際上上升了約 40 個基點，因為費用未能像收入那樣迅速下降。管理層強調，關鍵投資，特別是在數字化和直面消費者（D2C）能力方面，必須繼續進行，這限制了在不損害品牌和長期增長引擎的情況下進行更深層次成本削減的空間。</p>
<h2>宏觀經濟與地緣政治不確定性</h2>
<p>外部風險仍然是一個關注點，持續的中東衝突和潛在美國關税的不確定性被視為對消費者信心和供應鏈的威脅。儘管中東市場的銷售佔比不到 2%，但 PUMA 警告稱，較高的燃油和運費附加費以及更廣泛的輸入成本壓力仍可能出現，並對利潤率造成影響。</p>
<h2>前瞻性指導與戰略展望</h2>
<p>展望未來，PUMA 預計 2026 年將仍然是一個過渡年，按貨幣調整後的銷售將下降至低至中個位數，但下半年將更強勁，因為產品重置和渠道組合變化開始生效。公司目標是實現更高的毛利率，絕對運營支出相對穩定，正的自由現金流，庫存低於銷售的 25%，約 2 億歐元的資本支出集中於數字化和 D2C，以及在大約 11 億歐元的財務空間支持下逐步去槓桿化。</p>
<p>PUMA 的財報電話會議描繪了一個積極修復中的品牌，收緊資產負債表，優化產品範圍，並傾向於 D2C，同時接受近期的收入和利潤痛苦。對於投資者而言，故事的關鍵在於今天的利潤率和結構性收益是否能夠在宏觀壓力緩解後點燃可持續的收入增長。</p>

<p>PUMA SE 第一季度的財報電話會議強調了儘管銷售壓力持續，但利潤率和盈利能力有所改善，毛利率上升至 47.7%。直接面向消費者的銷售增長了 3.8%，公司在減少庫存和運營費用方面取得了進展。然而，整體銷售下降了 1%，預計 2026 年將出現類似的下降。地區性弱點被指出，特別是在歐洲、中東和非洲地區，貨幣波動也影響了報告的銷售。PUMA 旨在實現更高效的產品組合，並預計到 2026 年將實現正的自由現金流，儘管目前的現金流為負，達到 2.01 億歐元</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)) 已召開其第一季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
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<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
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<div class="lb-trans"><ul>
<li>解鎖對沖基金級別的數據和強大的投資工具，以做出更聰明、更精準的決策</li>
<li>發現表現優異的股票投資理念，並升級為市場領先者的投資組合，使用智能投資者精選</li>
</ul>
</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 最新的財報電話會議傳達了謹慎樂觀的語氣，展示了在利潤率、現金管理和品牌熱度方面的實質性進展，同時坦誠承認持續的銷售壓力和對 2026 年的經營虧損指導。管理層將這一時期框定為轉型階段，結構性修復進展快於收入增長，而外部逆風仍對短期盈利能力造成壓力。</p>
</div><h2>Improved Profitability and Margins</h2>
<div class="lb-trans"><h2>盈利能力和利潤率改善</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>儘管銷售疲軟，PUMA 報告了盈利能力的顯著提升，毛利率擴大了 60 個基點，達到 47.7%，因為產品組合和定價抵消了壓力。調整後的 EBIT 增長約 5%，達到約 6400 萬歐元，報告的 EBIT 幾乎增長 20%，達到約 5200 萬歐元，使 EBIT 利潤率從一年前的 2.2% 提升至 2.8%。</p>
</div><h2>Direct‑to‑Consumer (D2C) Momentum</h2>
<div class="lb-trans"><h2>直接面向消費者 (D2C) 動力</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>公司繼續向更高利潤率的直接渠道轉型，D2C 銷售在本季度整體增長 3.8%。自營門店增長 5.7%，而電子商務略微上升 0.6%，推動 D2C 銷售佔比從去年的 27.5% 提升至 28.3%，支持了更具盈利性的渠道組合。</p>
</div><h2>Inventory and Working Capital Progress</h2>
<div class="lb-trans"><h2>庫存和營運資本進展</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>管理層強調在清理資產負債表方面取得了明顯進展，庫存下降約 9%，至 19 億歐元，貿易應收款下降約 20%，至 12 億歐元。貿易應付款下降約 26%，至 10 億歐元，整體營運資本減少近 10%，至 18 億歐元，並計劃到 2026 年底將庫存降至銷售的 25% 以下。</p>
</div><h2>Cost Discipline and OpEx Reduction</h2>
<div class="lb-trans"><h2>成本控制和運營費用減少</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>不包括一次性費用的運營費用下降約 5.5%，至 8.48 億歐元，反映了成本效率計劃帶來的節省和逐步降低的市場營銷支出。公司還在結構上調整運營，已計劃在 2025 年上半年裁減 500 個職位，並通過進一步裁員目標實現 20% 的企業成本削減。</p>
</div><h2>Product and Brand Wins</h2>
<div class="lb-trans"><h2>產品和品牌勝利</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 強調強大的產品吸引力是其轉型的關鍵支柱，NITRO 性能平台在跑步和 HYROX 健身活動中引起了共鳴。多個熱銷產品，包括 HYROX 品牌模型、Deviate NITRO Elite 4 和一款簽名手球鞋，以及 11 支球隊晉級 FIFA 世界盃和賽車領獎台，幫助保持品牌的高可見度。</p>
</div><h2>Stronger Financial Headroom</h2>
<div class="lb-trans"><h2>更強的財務緩衝</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>儘管季節性現金流出，PUMA 增強了其財務緩衝，現金同比增長約 15%，達到 3.26 億歐元。結合約 8 億歐元的未使用信貸額度，公司估計總財務緩衝約為 11 億歐元，並預計 2026 財年的自由現金流將轉為正值。</p>
</div><h2>Range Rationalization Progress</h2>
<div class="lb-trans"><h2>產品線合理化進展</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>集團正在簡化其產品供應，以提高效率和專注度，已實現庫存單位的中雙位數減少。該戰略旨在建立一個更一致的全球核心產品組合，以便於擴展，同時仍允許本地團隊根據明確需求添加市場特定產品。</p>
</div><h2>Top‑Line Pressure and Outlook</h2>
<div class="lb-trans"><h2>頂線壓力和前景</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>與利潤率的提升形成對比的是，頂線動能依然疲弱，集團銷售在本季度按貨幣調整後下降 1%，而排除清倉和重置效應的基礎銷售則下降了低至中個位數。管理層重申，2026 年全年可能會出現類似的低至中個位數的貨幣調整銷售下降，預計下半年會好於上半年，而第二季度明顯低於第一季度。</p>
</div><h2>Regional Weakness — EMEA and Wholesale</h2>
<div class="lb-trans"><h2>區域疲軟 — EMEA 和批發</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>區域和渠道趨勢不均，EMEA 由於需求疲軟和故意削減低質量批發業務，成為拖累，貨幣調整後銷售下降約 10%。整體批發收入下降 2.8%，公司計劃在年底前推動美國大宗商銷售出現雙位數下降，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>鞋類和風格逆風</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>鞋類表現參差不齊，儘管以性能為導向的模型如 NITRO 跑鞋和 HYROX 相關產品銷售良好，但整體類別銷售下降約 2.3%。公司承認生活方式和更廣泛的風格鞋類仍面臨壓力，可能需要幾個季度的產品工作才能在 2027 年之前重建動能。</p>
</div><h2>Significant FX and Reported Sales Impact</h2>
<div class="lb-trans"><h2>顯著的外匯和報告銷售影響</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>貨幣波動是另一個明顯的逆風，將温和的基礎下降轉化為更明顯的報告數字，總銷售額按報告計算下降 6.3%。管理層指出，美元、土耳其里拉和阿根廷比索是主要原因，外匯波動顯著擴大了報告和貨幣調整表現之間的差距。</p>
</div><h2>Negative Free Cash Flow and Elevated Net Debt</h2>
<div class="lb-trans"><h2>負自由現金流和高企的淨債務</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>現金生成季節性疲弱，本季度自由現金流為負，達到 2.01 億歐元，儘管相比去年有所改善。淨債務從 2025 年同期的約 10 億歐元上升至約 13 億歐元，管理層明確表示，去槓桿化將是調整資產負債表以適應新運營模式的優先事項。</p>
</div><h2>Full‑Year Profitability Guidance Remains Negative</h2>
<div class="lb-trans"><h2>全年盈利能力指導仍為負值</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>投資者被提醒，儘管利潤率有所改善，但當前年度仍預計在運營層面上出現虧損，管理層維持對 2026 年全年息税前利潤（EBIT）在大約 5000 萬歐元至 1.5 億歐元的負範圍內的指導。儘管一次性項目預計將顯著低於 2025 年，但銷售下降和持續的戰略投資的結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>運營支出比率與持續投資的必要性</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>儘管絕對運營支出有所下降，但運營成本與銷售的比率實際上上升了約 40 個基點，因為費用未能像收入那樣迅速下降。管理層強調，關鍵投資，特別是在數字化和直面消費者（D2C）能力方面，必須繼續進行，這限制了在不損害品牌和長期增長引擎的情況下進行更深層次成本削減的空間。</p>
</div><h2>Macroeconomic and Geopolitical Uncertainty</h2>
<div class="lb-trans"><h2>宏觀經濟與地緣政治不確定性</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>外部風險仍然是一個關注點，持續的中東衝突和潛在美國關税的不確定性被視為對消費者信心和供應鏈的威脅。儘管中東市場的銷售佔比不到 2%，但 PUMA 警告稱，較高的燃油和運費附加費以及更廣泛的輸入成本壓力仍可能出現，並對利潤率造成影響。</p>
</div><h2>Forward‑Looking Guidance and Strategic Outlook</h2>
<div class="lb-trans"><h2>前瞻性指導與戰略展望</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>展望未來，PUMA 預計 2026 年將仍然是一個過渡年，按貨幣調整後的銷售將下降至低至中個位數，但下半年將更強勁，因為產品重置和渠道組合變化開始生效。公司目標是實現更高的毛利率，絕對運營支出相對穩定，正的自由現金流，庫存低於銷售的 25%，約 2 億歐元的資本支出集中於數字化和 D2C，以及在大約 11 億歐元的財務空間支持下逐步去槓桿化。</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 的財報電話會議描繪了一個積極修復中的品牌，收緊資產負債表，優化產品範圍，並傾向於 D2C，同時接受近期的收入和利潤痛苦。對於投資者而言，故事的關鍵在於今天的利潤率和結構性收益是否能夠在宏觀壓力緩解後點燃可持續的收入增長。</p>
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PUMA SE 財報電話會議：利潤率上升，但增長面臨壓力