彪马：库存分析 - 清除库存进展良好

William Woods+44 20 7676 6806william.woods@bernsteinsg.com Puma Richard Trainor+44 20 7762 1050richard.trainor@bernsteinsg.com RatingOutperform Alice Buckley+44 20 7676 6739alice.buckley@bernsteinsg.com Price Target PUM.GR 35.00 EUR Rhea Gudiwala+44 20 7676 7293rhea.gudiwala@bernsteinsg.com Puma: Inventory analysis - good progress on inventory purr-ge Puma has been clearing its inventory since its H1-26 results as a key part of its turnaroundstrategy. We refresh our analysis from Feb -26 (see note here) to track Puma’s progress 1 yearlater. Into the Puma’s H1-26 print on 31stJuly (preview here), we expect continued positivecommentary on Puma’s inventory clearance, but think it will be more important to now starthearing about the path to brand revival and product innovation pipeline once inventory is in agood place. Close Date17 Jul 2026PUM.GR Close Price (EUR)28.48Price Target (EUR)35.00Upside/(Downside)23%52-Week Range30.31/15.30EDME1,587.83FYEDecDiv YieldNAMarket Cap (EUR) (M)4,325EV (EUR) (M)6,347 1) SKU count continues to decline across DTC and wholesale channels, reflectingsolid inventory clearance progress, particularly in the UK.Puma's UK DTC SKU countis down almost 50% from the Jul-25 peak. Meanwhile, wholesale partners have seen SKUrationalization, particularly at retailers such as JD Sports and Size?, as Puma tries to regaincontrol of its brand perception with a more targeted assortment. 2) The US remains behind the UK in the clearance cycle, but progress throughwholesale channels is encouraging.SKU count on Puma's US DTC platform has continuedto rise versus Feb-26, suggesting Puma is still buying back excess inventory. Plus, SKUcounts across key US partners have fallen, implying Puma is successfully consolidatinginventory and the next stage will be to clear this stock through its own channels, mirroring theUK trajectory. 3) Puma is increasingly focusing on assortment quality, with weaker franchises beingcut and key growth franchises emphasised.Across both DTC and wholesale channels,Puma has narrowed assortments and removed/marked-down less popular franchises, e.g.Mostro continues to be heavily discounted, while the core Speedcat assortment is narrower,but there are newer variations (e.g, ballets, mules and wedges) instead. Investment Implications We rate Puma Outperform with a target price of €35, based on current market multiples andan average of a PE (14x) and EV/EBIT (13x) applied to our NTM+2 estimates. DETAILS PROGRESS TO DATE •DTC shows good progress in reducing SKU count in the UK, with numbers down almost -50% since peaks in Jul-25,when management initially announced the strategic turnaround, and progress continues to look strong. Management atQ1-26 results highlighted they saw better-than-expected sell-through during Q1 on inventory they had previously writtenoff. We see SKU count come down more slowly through Q2 (Exhibit 2) as the remainder of the inventory is of lower qualityand likely reflects the unpopular SKUs that are much more difficult to clear.The US lags the UK in the inventory clearancecycle,as SKU count on Puma’s US DTC platform continues to rise (+7% vs. Jul-25), indicating Puma is likely still in the phaseof buying bank inventory from its wholesale partners, and has yet to clear this excess via its own channels. •SKU count has come down considerably across most retail partners since Jul-25, reflecting a good cadence ofinventory buybackby Puma. By retailer, Footlocker US appears to be the furthest ahead in the inventory clearance cycle,with SKU count coming down c. -80% from Jul-25 to Jan-26 (Exhibit 27), before ticking back up, suggesting the bulk of thelow quality SKU’s have been sold, and the uptick in SKUs could reflect a broadening of the assortment with more desirableSKUs. Similarly, the SKU count at Finish Line has come down all the way down (Exhibit 30), and we would expect this tostart inflecting again over the next 3-6 months as Puma improves its decision-making on SKU allocation to retailers. Onthe other hands, Dick’s Sporting Goods seems further behind on this curve with SKU count reduction of c. -20% (Exhibit24), although this is on the highest base given Dick’s is one of the biggest wholesale partners for Puma in the US. This allpoints to promising inventory clearance either via the wholesale channel, or the buyback in order for Puma to clear via its owndistribution channels. •In the UK, we see similar trends, with Footlocker’s SKU count down c. -50% since the start of 2025 (Exhibit 15),suggesting good progress. The next step would be to better consolidate the SKU count and work on refining theassortment. For Sports Direct, which we view as a less attractive wholesale partner, clearance appears to be a littleslower, with SKU count starting to tick back up and going slightly above the c. 9,000 SKUs in Jul-25 (Exhibit 18) . Wewould highlight this remains of the most stuffed retailers Puma works with and therefore continue to expect slowprogre