PARIS, Feb 9 (Reuters) – Kering reported on Tuesday a slightly smaller-than-expected drop in fourth-quarter sales, as investors await details of CEO Luca de Meo’s plans to revive the Gucci owner’s flagging fortunes.
Sales reached 3.9 billion euros ($4.64 billion), down 3% from the previous year when adjusted for currency swings. That beat analysts’ consensus forecast for a 5% drop, according to Visible Alpha.
The revenue drop was 10% at Italian flagship label Gucci, which accounts for most of Kering’s profits, versus analyst expectations of a 12% decline.
It was the brand’s 10th straight quarter of revenue decline.
Finance Chief Armelle Poulou told journalists Gucci saw some improvement at the end of last year in “almost all regions”, helped by newly introduced products and handbag sales.
(Reporting by Helen Reidd, editing by Tassilo Hummel)
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