Kering Erupts After Gucci Sales Beat Estimates, Igniting "Turnaround Hopes" [zero hedge]
KERING SA UNSP/ADR (PPRUY)
NASDAQ:AMEX Investor Relations:
kering.com/en/finance
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Source: zero hedge
Kering Erupts After Gucci Sales Beat Estimates, Igniting "Turnaround Hopes" French luxury group Kering jumped as much as 14% in Paris trading, the biggest intraday move in almost six years, after better-than-expected fourth-quarter sales at its Gucci unit. The UBS Luxury basket (UBXELUX) rose nearly 2%, driven largely by hopes of a turnaround at the luxury house. Fourth quarter sales showed revenue fell about 10%, slightly better than the Bloomberg Consensus estimate of a 10.4% decline. It was Kering's smallest decline in two years, reinforcing Wall Street analysts' view that trends are stabilizing and the pathway to recovery may be near. This matters because Gucci still accounts for about 60% of Kering's profits, so even a marginal improvement carries outsized weight. RBC analyst Piral Dadhania told clients results "confirmed modest further improvements," and the focus now shifts to "the extent to which Kering can engineer a return to growth in a still fairly challenging luxury envir
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