Kering 1Q Sales Grew Strongly Despite China Headwinds
21 Aprile 2022 - 6:17PM
Dow Jones News
By Joshua Kirby
Kering on Thursday posted first-quarter sales growth that
exceeded expectations, despite lockdowns in China that hit sales,
including at main brand Gucci.
The French luxury-goods major made total revenue of 4.96 billion
euros ($5.38 billion) in the quarter, up 21% on a comparable basis
from the previous-year period. Analysts had expected revenue of
EUR4.74 billion, according to FactSet.
Gucci booked revenue of EUR2.59 billion, an increase of 13% on
year. As with the overall group, Gucci's sales growth was strong
among local consumers in North America and Western Europe but took
a hit from new pandemic-related measures in mainland China notably,
Kering said.
Among the group's other brands, Yves Saint Laurent was the
stand-out performer with a 37% increase to EUR739 million.
Kering didn't set out guidance for the rest of 2022 but Chief
Executive Francois-Henri Pinault said the company will continue to
invest in its brands in order to fuel growth and profitability,
while remaining attentive to economic and geopolitical
conditions.
The impact of the Russia-Ukraine crisis on the group is very
limited, finance chief Jean-Marc Duplaix told reporters in a
conference call. As for economic pressures, it is still too soon to
judge the impact of inflation on demand for luxury goods, Mr.
Duplaix said.
Write to Joshua Kirby at joshua.kirby@wsj.com;
@joshualeokirby
(END) Dow Jones Newswires
April 21, 2022 12:02 ET (16:02 GMT)
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