Overview
- Third‑quarter revenue reached €3.42 billion, a 5% comparable decline that topped consensus expectations compiled by FactSet.
- Gucci sales fell 14% year on year to €1.34 billion, a marked improvement from the 25% drop reported in the second quarter.
- Kering said foreign exchange was a significant headwind, with around a 5% negative currency effect on reported sales.
- The stock rose roughly 9% on Thursday after the update and an earnings beat signaled stabilization under new leadership.
- Kering agreed earlier this week to sell its beauty unit to L’Oréal for $4.7 billion, and analysts at Deutsche Bank, UBS and Citi cited early progress while urging patience until full‑year results and the strategic plan.