Three stories this week spanning retail execution, brand authority, and a high-stakes creative bet:
Costco Q4 revenue hit $93.9B, up 11.2%, beating EPS estimates on strong underlying comps.
Prada took the opening slot at Milan Fashion Week for the first time in years.
Gucci’s Demna revealed his first full personal vision, with Kering’s turnaround riding on the outcome.
1. Costco Q4 FY2026: Revenue $93.9B, EPS Beats on Adjusted Comps of 7.2%
Costco reported Q4 fiscal 2026 results on September 24, with net sales of $93.9B up 11.2%. EPS of $6.75 beat the $6.53 estimate. US comparable sales were 10.7%, adjusting to 7.2% after stripping out fuel and tariff refund effects. A non-recurring IEEPA tariff refund added $0.15 per diluted share. Digitally enabled comparable sales grew 19.5% for the quarter.
Takeaway: The 7.2% adjusted comp strips out tariff noise and still shows a retailer compounding in a difficult environment. The headline beat matters less than what it looks like without the refund.
2. Prada Opens Milan Fashion Week for the First Time in Years
Prada took the opening slot at Milan Fashion Week on September 22, moving ahead of its traditional Thursday position. Miuccia Prada and Raf Simons put skirts front and center for Spring/Summer 2027. Taking the opening slot is not a scheduling convenience. It signals the brand believes it can set the week’s tone rather than respond to it. The guest list and the press positioning confirmed the intent.
Takeaway: Brands that control the calendar control the conversation. Opening MFW is a confidence move, and Prada earned the right to make it.
3. Gucci at Milan: Demna’s First Full Personal Vision, Kering’s Biggest Bet
Demna showed his second Gucci collection at Milan on September 25, his first with full creative ownership. Pagoda-shouldered tailoring and puff outerwear were shown against a store-concept backdrop, positioning the aesthetic as the future retail environment for the brand. Gucci comparable revenue fell 5% in H1 2026. Kering’s H1 net income dropped 60%. This collection is not yet in the numbers. The next three quarters will be.
Takeaway: Kering’s recovery depends almost entirely on Gucci’s comp trajectory. Demna’s creative direction is a long-lead bet. The runway tells you what the brand wants to become. The financials will tell you if it worked.
Creative direction, brand positioning, and retail execution are three different problems.
This week showed all three in motion at the same time.
Costco compounding through the noise, Prada owning MFW’s opening, Gucci betting a turnaround on one designer’s vision.
Which of these moves most impressed or surprised you the most? 👇
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