瑞银：彪马仍有大量工作要做

Core Viewpoint - UBS analysts indicate that Puma's recovery efforts have made initial progress, but significant work remains ahead [1] Group 1: Financial Performance - Puma's fourth-quarter performance led to a positive stock price reaction, reflecting low expectations prior to the earnings release and a more constructive tone regarding inventory management [1] - Despite the positive reaction, UBS cautions that this optimism is based on just one quarter of data [1] Group 2: Strategic Outlook - UBS notes that the group's strategy has not fundamentally changed compared to previous strategies, which may hinder its ability to return to industry leadership by 2027 and achieve expected EBIT margins by 2028 [1] - Following the report, Puma's stock declined by 4.3% [1]