Overview

• Kering reported second-quarter revenue of €3.7 billion, down 15% on a comparable basis and below analyst forecasts.
• Gucci’s organic sales plunged 25% to €1.46 billion, extending a slump that accounts for roughly half of the group’s operating profit.
• First-half net profit sank 46% to €474 million as recurring operating margin contracted from 17.5% to 12.8%.
• The group cut net debt to €9.5 billion at the end of June, supported by real estate disposals and plans to cap spending and shutter up to 80 stores.
• CFO Armelle Poulou said the new 15% EU-US tariff impact is manageable and indicated a second wave of price increases could be implemented in autumn.