Kering (KER) Q3 2026 earnings summary

Executive summary

• Q3 revenue was €3,345m, flat reported and down 1% comparable; jewelry and eyewear growth offset Fashion & Leather Goods weakness.

• Softer macro conditions, collection phasing and a demanding comparison base weighed on results; traffic remained the main constraint as conversion, average price and ticket improved.

• Priorities include rebuilding Gucci desirability, improving retail productivity and turning transformation progress into sustainable growth, stronger profitability and cash generation.

Financial highlights

• 9M revenue was €10,565m, down 2% reported and flat comparable; 9M Fashion & Leather Goods was €8,543m (-2% comparable), jewelry €760m (+17%) and eyewear €1,338m (+7%).

• Retail, including e-commerce, represented 75% of Q3 revenue and declined 3% comparable; e-commerce grew 3% YoY and represented 11% of retail sales. Wholesale and Other revenue rose 3%.

• Q3 reported revenue included a positive currency effect of 1 percentage point and no scope impact.

• Corporate & Other revenue was €27m, down 5% reported and comparable, mainly reflecting the end of rental income after real-estate transactions.

Outlook and guidance

• FY2026 recurring operating margin improvement versus FY2025 remains the objective; H2 margin is not expected to exceed H1 given the challenging environment.

• FY2026 OpEx is expected below 2025, including H2 below H2 2025; 2027 OpEx guidance was not given.

• At least 125 net store closures are expected in FY2026, raised from the initial 100 target; the longer-term closure list is unchanged.

• Year-end inventory reduction of ~€1bn remains the objective; October trends were broadly in line with Q3 across most regions.

• Gucci wholesale may be more negative in Q4 due to phasing; focus remains on revenue quality and execution rather than quarterly sales guidance.