French luxury group Kering has issued a profit warning, making it an exception among the sector’s biggest groups, with falling sales at its leading brand Gucci expected to drag on group revenues.
Paris-based Kering said on Tuesday that sales in the first quarter are expected to fall by 10 per cent year on year on a comparable basis, with those at Gucci — which accounted for two-thirds of group operating income last year — falling by nearly 20 per cent.
“This performance primarily reflects a steeper sales drop at Gucci, notably in Asia Pacific,” Kering said. The group will report first-quarter sales at the end of April.
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