Kering Q3 Sales Drop 15%

(RTTNews) - French luxury brand Kering SA on Thursday reported third-quarter sales of 3.786 billion euros, down 15% from 4.464 billion euros last year.

Revenues were down 16% on a comparable basis.

During the three-month period, Gucci sales slipped 26 percent to 1.641 billion euros from 2.217 billion euros in the previous-year quarter. Yves Saint Laurent sales dropped 13% to 670 million euros, while Bottega Veneta gained 4% to 397 million euros.

In the first nine months of the year, the Group generated revenue of 12.804 billion euros, down 12% both as reported and on a comparable basis.

Chairman and Chief Executive Officer François-Henri Pinault commented: "With discipline and determination, we are executing a far-reaching transformation of the Group, and at Gucci in particular, at a time when the whole luxury sector faces unfavorable market conditions. This severely impacts our performances in the short term. Our absolute priority is to build the conditions for a return to sound, sustainable growth, while further tightening control over our costs and the selectivity of our investments. We have the right strategy, organization, and talents to achieve these goals."