Kering (KER FP) Q2 2026 (EUR): Revenue 3.35bln (exp. 3.38bln), Gucci revenue 1.29bln (exp. 1.29bln)

Key Metrics: North America Revenues +2%, APAC -5%; Gucci NA revenue -1%, APAC -6%. Gucci comp. revenue -6% (exp. -4.8%). Fashion & leather goods comp. revenue -3% (exp. -2.4%). Jewellery comp. revenue +11% (exp. +12.2%). Eyewear comp. rev. +4% (exp. +2.3%). Commentary/Guidance: Confirms its objective of improving its recurring operating margin in 2026. Gucci sales from the directly operated retail network declined by 9% on a comparable basis. Demand remains under pressure in the Middle East. CFO: Improving FY profit margin remains objective. Saint Laurent continued to grow in Q3. Have reduced store footprint by 105 locations this year, aiming for 125 closures by year-end.