Kering Group Q3 sales beat estimates
Kering SA reported third-quarter revenue growth that beat analysts’ estimates as demand for Puma footwear and Saint Laurent dresses offset declining sales of Gucci handbags.
Kering Group sales climbed 3.1 percent on a comparable basis, Paris- based Kering said Thursday after European markets closed. Analysts predicted growth of 2.8 percent, according to the median of 21 estimates.
Saint Laurent is benefiting from fresh leadership as creative and image director Hedi Slimane’s 1,150-euro ($1,283) bags and 3,200-euro leather jackets help make it one of the industry’s fastest-growing brands. Footwear sales are boosting Puma’s growth and the brand’s revamp remains on track, Kering said in the statement. Comparable sales at both brands beat estimates in the quarter, which was characterized by sharp contrasts across regions, the company said.