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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