Kering Shares Rise After Gucci Bolsters Sales Again

by MR Magazine Staff

Shares in luxury retail group Kering surged by more than six per cent thanks to strong third-quarter sales growth which was bolstered yet again by its Gucci arm. Overall revenue at the company – which also operates Yves Saint Laurent, Alexander McQueen and Bottega Venetta – increased 27.6 percent at €3.4 billion (£2.99 billion), for the three month period ending September 30. This beat analyst expectations of around €3.26 billion (£2.86 billion), according to FactSet. Group like-for-like sales in Kering’s directly-operated stores grew 27.6 percent, driven by double-digit increases across all regions, while group online sales skyrocketed by more than 80 percent. Read more at Retail Gazette.