PARIS (Reuters) – Sales at French luxury group Kering rose by just 1% 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 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% growth, according to a Visible Alpha consensus which also forecast flat sales for Gucci.
The pace of growth was well below the 17% rise recorded by Louis Vuitton owner LVMH and the 23% increase at Birkin bag maker Hermes over the same period, and comes after a 7% decline in the last quarter of 2022.
“Kering’s performance in the first quarter remained mixed,”
Chairman and CEO François-Henri Pinault said in a statement, noting that trends had improved during the period.
($1 = 0.9108 euros)
(Reporting by Silvia Aloisi, editing by Mimosa Spencer)
