Kering Warns Profit to Tumble Following Gucci Woes in China [BNN Bloomberg (Canada)]
KERING SA UNSP/ADR (PPRUY)
NASDAQ:AMEX Investor Relations:
kering.com/en/finance
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Source: BNN Bloomberg
Recurring operating income will drop between 40% and 45% in the first six months, Kering said in a statement Tuesday. That's after comparable sales at Gucci — its biggest brand — tumbled 18% in the first quarter on slack demand in China. Kering has been trying to turn around Gucci, which accounts for more than two-thirds of its operating profit. The luxury group last year named a new Gucci creative director, whose collections began entering stores in February. Kering has warned the turnaround will take time to bear fruit as the market for luxury goods cools. “The market in China is currently quite polarized between an appetite of customers for the really high-end segment or for more affordable products,” Kering Chief Financial Officer Armelle Poulou told reporters Tuesday. “Gucci, being more positioned in the middle, is not benefiting from this polarization.” This situation could evolve quickly because Chinese customers are in a “wait and see” attitude as the distribution of th
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