UPDATE 1-Gucci-owner Kering posts 10% drop in Q1 sales on sluggish Chinese demand [Yahoo! Finance]
KERING SA UNSP/ADR (PPRUY)
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Source: Yahoo! Finance
Tuesday, dragged down by a slowdown at its star label Gucci, which suffered from weakness in Asia while undergoing a design overhaul. The group said its first half operating profit would be "sharply lower" due to the revenue decline and its ongoing investment in its brands. Sales for the three months ending in March stood at 4.5 billion euros ($4.82 billion), down 10% on a comparable basis. Kering had warned on March 19 that sales over the period were likely to drop by around 10%, dashing hopes it had stemmed sales declines at Gucci, the century-old Italian fashion house which accounts for half of group sales and two-thirds of profit. The warning prompted concern in the luxury sector about prospects for China's rebound - traditionally Gucci's most coveted market - which has been clouded by a property crisis and high youth unemployment. Sales at Gucci in the first quarter were down 18%, significantly worse than the 4% decline in the prior quarter, the company reported. Keri
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