Kering Rebounds Beyond Pre-Pandemic Revenue as Gucci Returns to Form -- Earnings Review
April 21 2021 - 2:34AM
Dow Jones News
By Joshua Kirby
Kering reported first-quarter revenue after the Paris market
closed Tuesday. Here's what we watched:
SALES: Coming in at 3.89 billion euros ($4.68 billion),
first-quarter sales at the French luxury-goods group beat analyst
consensus expectations of EUR3.59 billion. The figure was up 26%
organically on the year, and also up 5.5% on the same period of
2019, suggesting the company has recovered from the pandemic
period.
WHAT WE WATCHED:
-GUCCI: As expected, Gucci returned to sales growth in the
quarter with a 20% on-year rise to EUR2.17 billion after a decline
in the preceding quarter. Growth was especially strong in
Asia-Pacific, while wholesale was down 26%, in line with continuing
strategy.
-LVMH: Like fellow Parisian group LVMH, Kering beat consensus
expectations with its first-quarter results, though not to the same
extent. The pair of results suggest a buoyant environment for the
overall luxury-goods sector.
-OTHER BRANDS: Yves Saint Laurent and Bottega Veneta posted 19%
and 20% on-year sales growth, respectively, while the other-houses
division saw revenue surge by 30%.
Write to Joshua Kirby at joshua.kirby@dowjones.com;
@joshualeokirby
(END) Dow Jones Newswires
April 21, 2021 02:19 ET (06:19 GMT)
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