Kering Shares Fall on Sales Miss

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CNBC

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Entertainment

Shares of Gucci-owner Kering drop after first-quarter sales slump

Summary

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80% Informative

Revenues at the fashion giant plunged 14% year-on-year in the first quarter to 3.9 billion euros ( $4.4 billion ) Kering shares were down 4% by 8:20 a.m. time, after trading was halted at the market open.

Gucci sales, which make up nearly half of total group revenues, fell 25% on a comparable basis to 1.57 billion euros .

Kering Chairman and CEO François-Henri Pinault said the company had faced a "difficult start to the year".

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semi-formal

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English

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