PARIS : Sales at French luxury group Kering rose by just 1 per cent in the first quarter, as its star label Gucci benefited less than rivals from a rebound in China and revenues fell in the United States.Kering's sales came in at 5.08 billion euros ($5.58 billion)for the three months to end-March, the gro
PARIS : Sales at French luxury group Kering rose by just 1 per cent in the first quarter, as its star label Gucci benefited less than rivals from a rebound in China and revenues fell in the United States.
Kering's sales came in at 5.08 billion euros for the three months to end-March, the group said on Tuesday. The increase in comparable sales, which strip out the effect of currency fluctuations and acquisitions, was bang in line with analyst expectations for 1 per cent growth, according to a Visible Alpha consensus which also forecast flat sales for Gucci.
The pace of growth was well below the 17 per cent rise recorded by Louis Vuitton owner LVMH and the 23 per cent increase at Birkin bag maker Hermes over the same period, and comes after a 7 per cent decline in the last quarter of 2022.Chairman and CEO François-Henri Pinault said in a statement, noting that trends had improved during the period.
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