Kering Returns to Q2 Growth With 2% Sales Gain as Gucci’s Decline Narrows
Updated
Updated · WWD · Jul 28
Kering Returns to Q2 Growth With 2% Sales Gain as Gucci’s Decline Narrows
3 articles · Updated · WWD · Jul 28
Summary
Kering posted its first comparable sales increase in three years, with Q2 organic revenue up 2% to 3.65 billion euros, ahead of the 1.4% consensus.
Gucci remained in decline but improved sharply: organic sales fell 2% after an 8% drop in Q1, beating expectations for a 4.7% fall as leather goods recovered and Demna’s early designs gained traction in the U.S.
921 million euros in first-half recurring operating profit topped the 865 million euro consensus, while margin rose to 12.8% from 12.4% a year earlier and 12% expected.
84 store closures in the first half put Kering more than halfway to its 100 net closures target for 2026, while net debt fell to 3.3 billion euros from 8 billion at year-end after asset sales.
Luca de Meo kept 2026 guidance for renewed growth and better profitability but warned Q3 could be flat, with China still challenging even as jewelry sales jumped 18% and management pushes a dedicated recovery plan there.