Kering Q1 Sales Up 27.4%

(RTTNews) - French luxury goods company Kering SA (PPRUY.PK, PPRUF.PK) Thursday reported first-quarter sales revenues of 4.96 billion euros, up 27.4% to 3.89 billion euros last year. On a comparable basis, sales were up 21.4 percent.

Among brands, Gucci sales rose 19.5 percent, Bottega Veneta rose 20.8 percent, Yves Saint Laurent gained 43.0 percent, other houses rose 35.5 percent and Kering Eyewear and Corporate rose 60.5 percent.

Commenting on the results, Chairman and CEO François-Henri Pinault said, "We opened 2022 on a very solid first quarter in a more uncertain environment, notably impacted by tightening Covid restrictions in China since March. All our Houses posted double-digit revenue growth in the quarter, with spectacular performances at Saint Laurent, our Other Houses, particularly Balenciaga, and Kering Eyewear. Bottega Veneta also delivered sharp higher sales on a more demanding base. Gucci's strong showing in North America and Europe was overshadowed by its exposure to China, where we are boosting its organization to fully capture the vitality of the market."