Shares of Gucci-owner Kering drop after first-quarter sales slump [MSNBC.com]
KERING SA UNSP/ADR (PPRUY)
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Source: MSNBC.com
Shares ofKeringRevenues at the fashion giant plunged 14% year-on-year in the first quarter to 3.9 billion euros ($4.4 billion), according to its Wednesday report, below the 4.01 billion euros forecast by LSEG analysts.Gucci sales, which make up nearly half of total group revenues, fell 25% on a comparable basis to 1.57 billion euros, as an attempted turnaround of the brand remains underway.Kering shares were down 4.3% by 10:00 a.m. London time, after trading of the stock was initially halted at the market open. Shares of other luxury groupsRichemontLVMHHermesThe company's overall weakness was led by a 25% decline in group sales in Asia, as well as a 13% dip in both North America and Europe.Kering Chairman and CEO François-Henri Pinault said the company had faced a "difficult start to the year" and highlighted further challenges ahead for the beleaguered luxury sector."In this environment, we are fully focused on executing on our action plans to reach our strategic and financial object
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