French luxury goods firm Kering on Tuesday reported better-than-expected fourth-quarter sales that were nevertheless down year-on-year amid lagging demand for its main Gucci label.
The high-end fashion group, whose brands also include Bottega Veneta, Balenciaga and Alexander McQueen, posted a 12% decline in fourth-quarter revenues to 4.39 billion euros ($4.52 billion), just slightly ahead of the 4.29 billion euros forecast by LSEG analysts.
Sales at Gucci, which account for almost half of the group’s total revenues, plunged 24% annually over the three month period to 1.92 billion euros, on a comparable basis, extending losses for the group’s once darling luxury label.
