Kering Posts Rising 3Q Sales; Asia Growth Dragged by Pandemic
October 19 2021 - 12:31PM
Dow Jones News
By Olivia Bugault
Kering said Tuesday that revenue rose in its third quarter,
exceeding pre-pandemic levels, despite sales growth in Asia-Pacific
that was dragged by resurgent coronavirus cases.
The French luxury-goods conglomerate posted revenue of 4.19
billion euros ($4.87 billion) in the July-September period, up
12.2% at constant scope and exchange rates compared with the same
period last year. On a comparable basis, revenue grew 10% compared
with 2019, it said.
Sales were boosted by a strong performance in North America, and
improving performance in Western Europe and Japan, it said. "In
Asia-Pacific, after solid growth in the first half of the year,
sales rose relative to both 2020 and 2019, but were held back by
rising Covid-19 case numbers during the summer," the company
said.
Revenue at the flagship Gucci brand was EUR2.18 billion, up from
EUR2.09 billion a year earlier. Kering's Chief Financial Officer
Jean-Marc Duplaix said during a call with journalists that the
company had to close stores in Asia-Pacific and that Asian people
traveled less especially in August due to the coronavirus pandemic,
which affected the brand's sales.
While sales grew 3.8% on a comparable basis at Gucci during the
period, its houses Yves Saint Laurent and Bottega Veneta posted
sales growth of 28.1% and 8.9% respectively, Kering said.
Write to Olivia Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
October 19, 2021 12:16 ET (16:16 GMT)
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