Half Year 2026 Kering SA Earnings Call Transcript
Key Points
- Kering SA (PPRUF) returned to growth in the second quarter of 2026, despite optimizing its store network with 84 net store closures.
- Gucci showed significant improvement, with retail performance improving by seven points sequentially in Q2.
- Kering Jewelry delivered outstanding growth, up 18% in Q2, confirming its role as a growth engine for the group.
- The company achieved a 12.8% operating margin in H1 2026, up 40 basis points year-on-year.
- Kering SA (PPRUF) significantly reduced its net financial debt by EUR 4.7 billion compared to year-end 2025.
- Mainland China remains a challenging market for Gucci, with performance still below regional averages.
- Balenciaga is undergoing a creative transition, impacting its retail performance, particularly in ready-to-wear and shoes.
- The Middle East market remains unstable, negatively impacting group revenue growth by one percentage point in Q2.
- Despite improvements, the macroeconomic environment remains volatile, affecting overall market conditions.
- The company faces challenges in maintaining growth momentum, with expectations of a flattish Q3 due to tougher comparisons.
Good evening, everyone, and welcome to CARING H1 2026 results. This presentation will be made by Luca Demeau, Jean-Marc Duplex, and Armel Poulou, and will be followed by a Q&A session. Luca, the floor is yours.
Good afternoon, everyone, and of course, thanks for joining us.
Before Armel takes you through the financial results, I would like to share some thoughts on the first half of 2026 and obviously also about the progress we're making across the group.
So H1 has been about turning strategy into action and action into results.
Three months after our capital market day, we started to execute our brands playbooks, reduce inventories, optimize our store network, significantly reduce our net debt and improve our key operational and commercial indicators. These actions translated into tangible progress in our performance and, in fact, the group returned to growth in the second quarter despite continuing to optimize its store network. This is particularly significant as we
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
