Kering (KER) Q3 2026 earnings summary

Executive summary

• Q3 revenue was €3.3bn, flat as reported and down 1% comparable; jewelry and eyewear growth partly offset weakness in Fashion & Leather Goods.

• Softer macro conditions, collection phasing and weak store traffic weighed on results; conversion, average price and average ticket improved.

• Priorities include restoring Gucci desirability, strengthening product execution and client engagement, and improving retail productivity and operating integration.

Financial highlights

• Q3 revenue was flat reported and down 1% comparable; currency contributed 1 percentage point positively, with no scope impact.

• Fashion & Leather Goods revenue was €2,743m, down 1% reported and 3% comparable; jewelry was €239m, up 12% reported and 11% comparable.

• Eyewear revenue was €373m, up 6% reported and 4% comparable; Corporate & Other revenue was €27m, down 5% on both bases.

• 9M revenue was €10,565m, down 2% reported and stable on a comparable basis.

Outlook and guidance

• FY2026 recurring operating margin is expected to improve versus FY2025; H2 margin is not expected to exceed H1.

• FY2026 OpEx is expected below 2025, including lower H2 OpEx year over year; disciplined CapEx and investment in brand desirability continue.

• At least 125 net store closures are expected in FY2026; the multi-year closure plan is being executed faster.

• Fashion & Leather Goods inventory reduction target remains ~€1bn by year-end, with progress on track.

• October revenue trends were broadly in line with Q3 across most regions; revenue quality and execution remain priorities amid limited visibility.