Currency-neutral revenue increased by 1%, driven by growth in all regions except North America.
Top-line growth reflects a focus on conservative inventory management and full-price sales.
Gross margin improved by 0.2 percentage points to 49.3%, driven by lower freight costs, a more favorable business mix, and lower inventory allowances. Discounting levels continue to improve.
Operating profit of €409 million includes extraordinary expenses of around €110 million.
Conservative sell-in strategy is paying off as inventory position improves substantially compared to the second quarter to €4.8 billion, down 23% year-over-year.
Overall, the company's results demonstrate the success of its focus on conservative inventory management, full-price sales, and cost reduction initiatives.
