Kering S.A. (KERp)

Kering’s earnings missed expectations even as revenue came in roughly in line, with the group’s adjusted EPS at EUR 1.10 trailing the EUR 3.07 estimate (-64.2%) for the first half of fiscal 2026 reported on July 28, 2026. Revenue fell 4.8% year over year to about EUR 7.2 billion (down from EUR 7.6 billion a year ago), while the revenue print of EUR 7.220 billion was in line with the EUR 7.177 billion consensus (+0.6%). Profitability was reflected in a gross margin of roughly 72% and an operating margin of about 13%, with operating income around EUR 921 million on gross profit of roughly EUR 5.2 billion. Net income dropped 60.1% year over year to about EUR 189 million (from roughly EUR 474 million a year ago), alongside adjusted EPS down 70.5% from EUR 3.73 in the prior-year period. The company generated operating cash flow of about EUR 2.1 billion. For the next period, consensus calls for EPS of EUR 3.02 on revenue of EUR 7.436 billion.