Operator
Ladies and gentlemen, welcome to the 2026 Q1 Revenue Analyst Conference. The floor is now to Eric du Halgouet, CFO; and to Alexandra Boucheron, in charge of Investor Relations. Over to you.
Eric du Halgouët
Executive Vice President of Finance
Good morning, one and all. Thank you very much for joining for this conference. The group’s consolidated revenue amounted to EUR 4.1 billion in the first quarter of 2026, up 6% at constant exchange rate with double-digit growth in Americas, Japan and Europe, excluding France. Moreover, Greater China continued its slight growth. This level of growth is all the more remarkable since the group has enjoyed strong growth over recent years, especially in 2024, 2025, especially in Greater China when the rest of industry was not growing.
Due to the significant negative impact of currency exchange rates, around EUR 300 million, sales declined slightly by 1% at current exchange rate. At the end of March 2026, Americas, Japan and Europe, excluding France, recorded strong growth in sales despite the slowdown in tourist flows linked to the situation in the Middle East, sales in the group stores increased by 7%. Furthermore, wholesale activity was significantly affected by lower sales to concession stores, particularly in the Middle East and in airports.
