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Gucci growth helps Kering beat first quarter sales forecasts

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Gucci growth helps Kering beat first quarter sales forecasts
FILE PHOTO: A Gucci sign is seen outside a shop in Paris, France, December 18, 2017. REUTERS/Charles Platiau   -   Copyright  CHARLES PLATIAU(Reuters)
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PARIS (Reuters) – French luxury goods conglomerate Kering on Wednesday posted slightly higher-than-expected revenue growth in the first quarter, fuelled by its star brand Gucci.

Following a revamp under designer Alessandro Michele, the Italian fashion label is still expanding faster than the sector’s average – with comparable sales rising 20 percent in the January to March period – though the pace of growth is gradually easing.

At group level, Kering reported a 21.9 percent rise in revenue to 3.8 billion euros (£3.3 billion), up 17.5 percent, when stripping out currency swings and the effect of acquisitions.

That was a touch above the 16.9 percent like-for-like growth projected in an Infront Data poll of analysts for Reuters.

(Reporting by Sarah White and Pascale Denis, Editing by Inti Landauro)

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