Kering shares sink 9% after profit warning on declining Gucci sales
Publishing timestamp: 2024-04-24 13:27:57
Summary
Kering's shares dropped over 9% as the company warned of a sharp downturn in first-half profits due to waning demand for its Gucci brand. Chairman and CEO Franois-Henri Pinault stated that the company's performance worsened considerably in the first quarter, with a projected decline of 40% to 45% in first-half operating income compared to the same period in 2023. Gucci's sales fell 18% in the first quarter, highlighting the struggles the brand is facing in the luxury market.
Sentiment: NEGATIVE
Tickers: KER-FR, MC-FR, RMS-FR,
Keywords: earnings, business news, business, luxury, kering sa,