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Share Name Share Symbol Market Type
Kering EU:KER Euronext Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -13.60 -2.0% 667.70 664.00 680.00 679.20 659.00 678.30 200,783 16:40:00

Kering Posts Rising 3Q Sales; Asia Growth Dragged by Pandemic

19/10/2021 5:31pm

Dow Jones News


Kering (EU:KER)
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   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)

Copyright (c) 2021 Dow Jones & Company, Inc.

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