Kering beats forecasts as Q4 sales fall less than expected
Kering
€250.35
16:40 13/03/25
Shares in Kering were rising in Paris on Tuesday after the French luxury goods firm reassured investors with better-than-expected fourth-quarter results despite ongoing struggles at Gucci.
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17:05 13/03/25
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23:56 21/02/25
The conglomerate, which owns brands including Gucci, Yves Saint Laurent, Balenciaga, Bottega Veneta and Alexander McQueen, said revenues over the final three months of 2024 totalled €4.39bn, down 12% year-on-year but ahead of the €4.23bn expected by analysts.
Just last week, Gucci "ended its collaboration" with creative director Sabato de Sarno amid plunging sales at Kering's flagship brand. Gucci, which appointed a new CEO in October, saw sales in the fourth quarter drop 24% year-on-year to €1.92bn.
For 2024 as a whole, Kering's group revenues were down 12% at €17.19bn, while recurring operating income slumped 46% to €2.55bn as the recurring operating margin fell 9.4 percentage points to 14.9%.
Sales across Asia-Pacific excluding Japan, its largest region, were down 24% over the year at €5.22bn, and declined 8% and 9% in Western Europe and North America respectively. Japan, however, posted 2% growth, while the Rest of World division improved sales by 3%.
Kering's share price was 3.5% lower at €252.85 by 0949 in Paris.