Overview

• Kering reported €3.7 billion in second-quarter sales, missing analyst forecasts of €3.75 billion.
• Comparable store sales fell 19% in Asia-Pacific and 10% in North America, with steeper declines of 29% in Japan and 17% in Western Europe.
• The group cut net debt to €9.5 billion from €10.5 billion through real estate disposals and is set to shutter up to 80 net stores by year-end.
• CFO Armelle Poulou characterized a newly imposed 15% US tariff on EU imports as manageable and signaled potential further price adjustments.
• Incoming CEO Luca de Meo will begin Sept. 15 with a mandate to cap spending, streamline operations and refresh Gucci’s creative direction.