Kering Sa Ord (PPRUF) Q2 2026 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.115 Good evening everyone and welcome to Caring H1 2026 results. 00:00:04.115 -- 00:00:09.500 This presentation will be made by Luca de Meo, Jean-Marc Duplaix and Armelle Poulou 00:00:09.500 -- 00:00:14.463 and will be followed by a Q&A session. Luca, the floor is yours. 00:00:16.165 -- 00:00:21.368 Good afternoon everyone and of course thanks for joining us. 00:00:21.368 -- 00:00:27.391 Before Armelle takes you through the financial results, I would like to share some thoughts 00:00:27.391 -- 00:00:32.593 on the first half of 2026 and obviously also about the progress 00:00:32.593 -- 00:00:35.596 we're making across the group. 00:00:35.596 -- 00:00:40.779 So H1 has been about turning strategy into action and 00:00:40.779 -- 00:00:43.501 action into results. 00:00:43.501 -- 00:00:48.925 Three months after our capital market day, we started to execute 00:00:48.925 -- 00:00:51.346 our brand's playbooks, 00:00:51.346 -- 00:00:57.410 reduce inventories, optimize our store network, significantly 00:00:57.410 -- 00:01:02.733 reduce our net debt and improve our key operational and commercial 00:01:02.733 -- 00:01:08.726 indicators. These actions... Translated into tangible progress 00:01:08.726 -- 00:01:14.169 in our performance and in fact the group returned to growth in the second quarter 00:01:14.169 -- 00:01:18.270 despite continuing to optimize its store network. 00:01:18.270 -- 00:01:22.892 This is particularly significant as we completed 84 00:01:22.892 -- 00:01:28.335 net store closures in the first half following 75 net closures in 00:01:28.335 -- 00:01:30.335 2025. 00:01:31.336 -- 00:01:36.883 Sa Ord optimization is not only about reducing our footprints, it is also about upgrading, 00:01:36.883 -- 00:01:41.468 renovating and elevat...