The French luxury goods group Kering SA is still far from its old strength in the new year. On Tuesday evening, the company reported that it was only able to slightly increase its sales in the first quarter of 2023. The current figures also fell short of the analysts’ expectations.
In the months from January to March, group sales amounted to 5.08 billion euros, exceeding the level of the same quarter of the previous year by two percent. Adjusted for exchange rate fluctuations and acquisitions, revenues grew by just one percent.
In a statement, CEO François-Henri Pinault admitted that the results in the first quarter were “mixed”. However, he pointed out that business development had “improved from month to month” since the beginning of the year.
The fashion house Gucci, which had to report sharply declining sales in the previous quarter, was able to make slight gains again. Its revenues increased by one percent (currency-adjusted +1 percent) compared to the same period of the previous year to 2.62 billion euros. Things looked better for the Yves Saint Laurent label with growth of nine percent (currency-adjusted +8 percent) to 806 million euros.
Bottega Veneta’s sales of EUR 395 million roughly matched the previous year’s level, while sales of the other Group brands, which include Balenciaga, Alexander McQueen and Brioni, totaled EUR 890 million and thus fell by nine percent (currency-adjusted -9 Percent).
The glasses division Kering Eyewear achieved an increase of 44 percent to 433 million euros, not least because of the takeover of the Maui Jim label that was completed last October. Adjusted for currency effects and acquisitions, sales grew by eleven percent.