KER Kering

   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 estimates.

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 joshua.kirby@dowjones.com

(END) Dow Jones Newswires

October 22, 2020 12:03 ET (16:03 GMT)

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