Overview
- Quarterly revenue fell 10.4% on a currency-adjusted basis to €1.96 billion, narrowly missing estimates.
- Inventories rose 17.3% to €2.12 billion, with plans to reduce stock, prune channels, and focus marketing.
- The expanded restructuring follows a March program that already cut about 500 roles worldwide this year.
- EBIT dropped by more than 80% in the quarter, and the company reaffirmed reduced full-year guidance.
- Leadership expects growth to resume from 2027, with the sharpest regional decline in the Americas and ongoing pressure from U.S. tariffs.