By Mauro Orru

Kering said Tuesday that net profit and revenue in the first half of 2020 fell as the coronavirus pandemic brought about store closures and a halt to tourism.

The French luxury-goods conglomerate said net profit slipped to 272.6 million euros ($320.4 million) from EUR579.7 million in the first half of 2019.

Revenue for the period contracted to EUR5.38 billion from EUR7.64 billion, with Kering's Gucci brand posting revenue of EUR3.07 billion from EUR4.62 billion.

Kering said the lack of visibility makes it impossible to forecast sales for the second half, adding however that the revenue loss in the first half shouldn't be offset in the second half.

"It is fair to say that the first half of 2020 has been the toughest period we have faced," said Chief Executive Francois-Henri Pinault. "Our results today underscore the extent of the disruption exacted by the pandemic on our operations."

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

July 28, 2020 12:03 ET (16:03 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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