Kering 3Q Sales Fell Slightly
By Joshua Kirby
Kering SA said Thursday that its revenue fell slightly in the
third quarter compared with the same period the previous year, but
recovered ground from the first half of the year and saw growth in
North America and Asia.
Coming in at 3.72 billion euros ($4.41 billion), consolidated
revenue for the quarter fell 4.3% on a reported basis, or 1.2% on a
comparable basis. Analysts had seen third-quarter sales at EUR3.51
billion, according to a Factset-compiled consensus of three analyst
Sales were driven by strong performances in North America--which
saw a year-on-year increase of 44%--and Asia, especially mainland
China, Kering said.
The results represent a notable improvement from the French
luxury-goods conglomerate's first half, when amid store closures
and a lack of tourism it posted a nearly 30% decline in revenue
from the same period the previous year.
Revenue at the flagship Gucci brand was EUR2.09 billion, in line
with a Factset consensus based on three analyst estimates. Sales at
the brand were affected by continued pandemic-related lack of
tourism, especially in Western Europe and Japan, but online sales
were up sharply, the company said.
In a call, Kering Chief Financial Officer Jean-Marc Duplaix
declined to comment on current trading trends or to provide an
outlook for the full year, saying it would be "criminal" for him to
comment on figures at a time of such uncertainty.
Write to Joshua Kirby at email@example.com
(END) Dow Jones Newswires
October 22, 2020 12:03 ET (16:03 GMT)
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