Kering reports positive sales growth in Q3

Kering has reported better-than-expected revenues in the third quarter, driven by a strong recovery in North America and Asia-Pacific.

Kering’s consolidated revenue in the third quarter totalled €3.72 billion, falling 4.3%, representing a decline of 1.2% in comparable terms

The company suggested that this performance represents a sharp rebound compared with the year-on-year contraction of 43.5% as reported and 43.7% on a comparable basis posted in the second quarter of 2020.

Previously it was reported that second-quarter comparable sales had plunged by 43.7%, as the impact of the coronavirus pandemic led to store closures and reduced tourist numbers.

Focusing on Gucci, revenue rose sharply in the third quarter compared with Q2 with revenue only down 12.1%, whilst retail sales were down 4% on a comparable basis.

Gucci reported 43.7% rise in North America and 10.6% growth in Asia-Pacific, balancing the impact of a lack of tourists in Airports and Western Europe.

François-Henri Pinault, Chairman and Chief Executive Officer of Kering, said: "In a tough environment, Kering achieved substantial revenue recovery in the third quarter. The creativity of each of our Houses and the agility of our organisation led to a sharp rebound in sales, nearly matching the level of the 2019 third quarter.

"Against a backdrop that remains uncertain, and despite limited visibility, we are well prepared and confident in our ability to deliver good performances over time.”