Kering Sa Ord (PPRUF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the Caring 2025 First Quarter Revenue Conference Call and Webcast. Please be advised that today's conference call is being recorded. As a reminder, all participants are in listen-only mode. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Armel Pollou, Group Chief Financial Officer. Please go ahead, madam. Good evening to all of you, and welcome to Caring 2025 First Quarter Revenue Call. I will be reviewing our performance, and we'll be joined by Francesca Berrettini, Deputy CEO in Charge of Brand Development, and of course, Claire Roblet, Head of IR and for the Q&A session. Starting on slide five, our revenue in the quarter came close to 3.9 billion euros, down 14% reported and comparable. Scope and FX were brought in neutral this quarter. As anticipated, the start of the year was challenging. No need to remind you that we are navigating in an uncertain macro environment with low visibility and this does not support consumer confidence. Traffic was weak across most regions. Against this tough backdrop, our retail performance showed a limited sequential deceleration compared to Q4. Softer trends were observed in Western Europe, North America, and Japan, while they were consistent in Asia-Pacific. In this context, we remain totally focused on what we control and on the single-minded execution of our strategy. We made significant progress on many fronts, including deliveraging our balance sheet, notably through the transaction with Ardian for Paris Prestige Properties, which was finalized at the end of the quarter. We closed a number of stores, and we further increased our vigilance in terms of both CAPEX and OPEX, to c...