Kering beats forecasts as Q4 sales fall less than expected
By Benjamin Chiou
Date: Tuesday 11 Feb 2025
(Sharecast News) - Shares in Kering were rising in Paris on Tuesday after the French luxury goods firm reassured investors with better-than-expected fourth-quarter results despite ongoing struggles at Gucci.
The conglomerate, which owns brands including Gucci, Yves Saint Laurent, Balenciaga, Bottega Veneta and Alexander McQueen, said revenues over the final three months of 2024 totalled €4.39bn, down 12% year-on-year but ahead of the €4.23bn expected by analysts.
Just last week, Gucci "ended its collaboration" with creative director Sabato de Sarno amid plunging sales at Kering's flagship brand. Gucci, which appointed a new CEO in October, saw sales in the fourth quarter drop 24% year-on-year to €1.92bn.
For 2024 as a whole, Kering's group revenues were down 12% at €17.19bn, while recurring operating income slumped 46% to €2.55bn as the recurring operating margin fell 9.4 percentage points to 14.9%.
Sales across Asia-Pacific excluding Japan, its largest region, were down 24% over the year at €5.22bn, and declined 8% and 9% in Western Europe and North America respectively. Japan, however, posted 2% growth, while the Rest of World division improved sales by 3%.
Kering's share price was 3.5% lower at €252.85 by 0949 in Paris.
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