Puma SE stock slid roughly 7% in today’s trading to €26.17, deepening a selloff that began last Thursday after Bernstein published a pessimistic preview of the company’s upcoming second-quarter results. The note painted a bleaker picture than consensus, prompting a fresh round of selling that put the share price well below its opening level of €28.04.
Bernstein’s projections
Bernstein estimated a 9% constant-currency revenue decline for Q2, materially worse than the Street’s consensus of a 6% fall. Alongside that top-line downgrade, the research firm trimmed its full-year earnings-per-share projection to -€1.42 from a prior -€1.30. In explaining the revision, Bernstein cited normalized clearance activity and difficult year-ago comparisons in the U.S. mass merchant channel as drivers of the weaker outlook.
The regional breakdown in Bernstein’s preview added to the negative tone. The Americas were forecast to see revenue fall about 14%, a notably steeper drop than the Street’s estimate of 3.6%. Europe was expected to contract by roughly 11%. For Q2 specifically, Bernstein projected net income of -€83 million and EBIT of -€46 million, underlining its view that Puma’s transition year will be tougher than many investors anticipated.
Technical and market context
Technically, Puma shares had already surrendered their 20-day moving average in mid-June, a development that left the stock susceptible to additional downside when faced with adverse news flow. The combination of the firm technical setup and Bernstein’s bearish preview helped accelerate the price decline today, erasing a meaningful portion of the stock’s prior recovery from its 52-week low of €15.30.
Competitive pressures
Competitive dynamics compounded investor concern. Puma’s larger rivals, Adidas and Nike, have maintained relatively stronger market positions, a contrast that highlighted Puma’s current struggles. Analysts have kept supportive stances behind Adidas ahead of the World Cup, a contrast that reinforced negative read-throughs for Puma, which had been anticipating the event to act as a brand catalyst for 2026.
Wider sentiment
Broader market sentiment offered little relief. U.S. technology-heavy indices were under pressure during the session and global risk appetite was muted, a backdrop that weighed on higher-beta and retail-focused names including Puma.
Taken together, Bernstein’s downbeat Q2 preview, the stock’s vulnerable technical position, headwinds from larger sportswear rivals, and a cautious macro environment combined to push Puma shares sharply lower today, bringing the price well below the session open and leaving the company well off its recent lows.