Kering Revenues Gain 11.4% in Q1

PARIS — Kering said revenues rose 11.4 percent in the first quarter to 2.65 billion euros, or $2.99 billion. Luxury activities saw revenues rise 10.9 percent to 1.75 billion euros, or $1.98 billion, while the sport and lifestyle division registered a 12.7 percent increase to 890 million euros, or $1 billion. All dollar rates are calculated at average exchange rates for the period concerned. On a comparable group structure and exchange rate basis, group revenues fell 0.6 percent during the three-month period, with luxury cash cow brand Gucci posting a 7.9 percent decline, while Puma gained 4.5 percent. RELATED CONTENT: WWD Earnings Tracker >> François-Henri Pinault, Kering’s chairman and chief executive officer, said he expected a “gradual improvement” in overall performance this year. “Group revenues, up in the first quarter of the year, reflect a complex economic and monetary environment as well as the transition underway at Gucci. Our priority today is to give our flagship luxury brand fresh impetus and we are confident in the success of the action plans initiated by the new teams, both on a creative and organizational front,” he said. Comparable sales in Gucci’s directly operated store network were up 6 percent in Western Europe and stable in the United States, Kering

Follow WWD on Twitter or become a fan on Facebook.

Read More...

from WWD » Levi’s to Offer $475M in New Debt http://ift.tt/1EoqtOM
via IFTTT