Kering SA (KER) Earnings Call Transcripts

Kering SA's Latest Earnings Call - April 16, 2026

In Q1 2026, Kering SA reported a significant decline in revenues and profitability, reflecting ongoing challenges in the luxury market, particularly in China. Revenue fell to EUR 4.5 billion, down from EUR 5.2 billion YoY, while EBIT margins dropped to 11% from 27% in 2022. Management outlined a comprehensive turnaround strategy aimed at restoring brand desirability and operational efficiency, with a target to double EBIT margins by 2030. The company is focused on a market share recovery plan, emphasizing pricing power and improved execution across its brands.

Reported metrics

Guidance from management

Kering aims to double its EBIT margin to 22% by 2030, emphasizing a focus on restoring brand desirability and operational efficiency. The company is committed to a disciplined growth trajectory and improving cash conversion through leaner operations.

What management said

Of course, each one of the brands has different challenges. So maybe I don't know if Saint Laurent has a potential to grow because that is not very well known, and that's why we say I want to have a little bit more focus on China or Bottega Veneta also potential Bega is already strong. So it depends on thing. So I don't want that the Gucci case is specific, I think, to China. That's one of the area where we really ha...

Maybe to build on this, just to add that thing about we sell what we produce and produce what we sell, which is a new mantra. Second of all, we'll give more incentive on our teams on the inventory at the end of the season, which is also going to be a game changer when it gets to inventory and sell-through management. And last is also at Saint Laurent, making sure the share of icons, iconic product, the ones that are ...

What analysts pressed on

Analysts expressed concerns regarding the sustainability of Kering's recovery strategy, particularly in light of the significant decline in brand desirability and the challenges in the Chinese market. There were questions about the effectiveness of the inventory reduction plan and the potential for further store closures impacting employee headcount.

Main topics on the call

• Revenue Decline — Kering's Q1 2026 revenue was EUR 4.5 billion, a decline from EUR 5.2 billion YoY, indicating ongoing struggles within the luxury market. Management stated, "Between 2022 and 2025, Kering revenues declined by EUR 5.7 bill...
• Margin Compression — EBIT margins fell to 11% from 27% in 2022, reflecting the challenges in maintaining profitability. Management noted, "Return on capital employed collapsed from more than 20% to 6%", indicating severe financial strain.
• Strategic Reset — Kering is implementing a strategic reset focused on restoring brand desirability and operational efficiency. The plan includes simplifying the organization and enhancing decision-making speed, with management stating, "W...
• Focus on Gucci Recovery — Management emphasized the importance of Gucci in the recovery strategy, aiming to restore its desirability. They mentioned, "Gucci had lost some of its shine and performance," and outlined plans to rejuvenate the brand's...

Read the full Kering SA transcript (April 16, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 29 Kering SA earnings call transcripts on record, spanning February 12, 2020 to July 28, 2026. Based on this history, Kering SA reports quarterly. The most recent call on file is dated July 28, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

KER

Exchange

ENXTPA

Country

FR

Sector

Consumer Discretionary

Industry

Textiles, Apparel and Luxury Goods

Calls on record

29

First call

February 12, 2020

Most recent

July 28, 2026

Reporting cadence

quarterly