Kering Q3 Revenue Falls 10% as Gucci Sales Slide 18%

Overview

• Kering reported third‑quarter revenue of €3.415 billion, down 10% year over year, including a roughly 5% negative currency effect.
• Gucci generated €1.34 billion in sales, an 18% annual decline that was broadly in line with Visible Alpha’s €1.33 billion estimate.
• Chief executive Luca de Meo said performance improved sequentially but remained well below the broader luxury market.
• Comparable sales fell 5% in the quarter, improving from a 15% drop in the prior period, according to figures cited by the Financial Times.
• The update marked the group’s first set of results since de Meo took over as CEO last month, as the company focuses on regaining momentum.