Kering Shares Slide After Gucci Sales Disappoint
22 Aprile 2022 - 10:07AM
Dow Jones News
By Cristina Roca and Joshua Kirby
Shares in French luxury-goods conglomerate Kering traded sharply
lower on Friday despite a strong rise in headline revenue after
sales at its main brand Gucci fell short of expectations amid
Covid-19 lockdowns in China.
Kering on Thursday reported first-quarter revenue of 4.96
billion euros ($5.38 billion), up 21% on a comparable basis from
the previous-year period. Analysts had expected revenue of EUR4.74
billion, according to FactSet.
Revenue at its flagship Gucci brand rose 13%. The performance
fell short of consensus expectations of an 18% increase, Stifel
analyst Rogerio Fujimori said in a note.
At 0722 GMT, shares in Kering were down 5.7% at EUR521.50.
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.
Secondary brands helped Kering beat expectations at group level,
but while Kering gradually becomes less dependent on Gucci,
investor and market focus will remain on the performance of the
leading brand, Bernstein analyst Luca Solca said in a note.
Write to Cristina Roca at cristina.roca@wsj.com and Joshua Kirby
at joshua.kirby@dowjones.com
(END) Dow Jones Newswires
April 22, 2022 03:52 ET (07:52 GMT)
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