Pursuits
Kering Sales Beat Estimates as Gucci Brand Returns to Growth
- Comparable-sales increase of 8% almost double 4.1% estimate
- Luxury maker's shares gain as much as 3% in Paris trading
Kering's Full-Year Sales Rise 15 Percent To 11.6B Euros
This article is for subscribers only.
French luxury-goods maker Kering SA reported fourth-quarter revenue growth that beat analysts’ estimates as the Gucci brand showed the first signs of a turnaround under Chief Executive Officer Marco Bizzarri and new creative director Alessandro Michele.
Sales climbed 8 percent on a comparable basis, Paris-based Kering said in a statement Friday. Analysts predicted growth of 4.1 percent, according to the median of 20 estimates. Gucci revenue advanced 4.8 percent, compared with the 1.5 percent growth analysts anticipated -- the brand’s strongest result in three years. The shares rose as much as 3 percent in early Paris trading.