Kering CEO Aims to Improve Results by Yearend Amid Gucci Turnaround [Yahoo! Finance]
KERING SA UNSP/ADR (PPRUY)
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Source: Yahoo! Finance
“We are determined to deliver improvements at the end of this year already and in 2025,” he said at the company's annual general meeting Thursday in Paris. More from WWD Kering Beauté Names President and CEO, Americas Kering Forecasts 40-45% Drop in H1 Operating Profit as Gucci Sales Tumble Valentino Reports Decline in 2023 Sales, Profitability Kering said this week it expected operating profit in the first half to plummet by 40 to 45 percent amid a drop in sales at its star brand Gucci, which is undergoing a revamp under CEO Jean-François Palus and creative director Sabato De Sarno The news caused the company's share price to fall by more than 7 percent on Wednesday, and prompted analysts to cut their earnings estimates, some for the third time this year. “ Gucci turning positive in Q3 is still a best case to which we do not subscribe; we think it will take time for consumers to pick up the change and reengage with Gucci,” HSBC said in a research note on Thursday. “H
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