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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