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Kering surges as Gucci sales decline slows, revenue beats estimates
['Senad Karaahmetovic', 'Min Read']
Yahoo Finance - Business Finance, Stock Market, Quotes, News
Investing.com -- Kering reported second-quarter revenue that exceeded analyst expectations, driven by a slowdown in Gucci's sales decline and sequential improvement across its brand portfolio, sending its shares over 14% higher in Paris trade.
The French luxury group posted second-quarter revenue of €3.65 billion, up 2% on a comparable basis and slightly above the analyst consensus of €3.63 billion.
First-half revenue reached €7.22 billion, up 1% on a comparable basis compared to €7.44 billion in the same period last year.
"Kering delivered improved performance in the second quarter, with revenue returning to growth," said Luca de Meo, CEO of Kering.
Kering Jewelry delivered strong performance with second-quarter revenue up 18% on a comparable basis to €252 million, while Kering Eyewear grew 8% to €476 million.