Kering SA's third-quarter sales were lower than analysts' expectations, becoming the latest fashion group in the luxury goods industry to slow down due to the post pandemic boom and recession.
The owner of Gucci and Yves Saint Laurent, Kaiyun, announced on Tuesday that in the fiscal quarter ended September, the group's revenue was 4.46 billion euros ($4.76 billion), a decrease of 13% based on reported values and 9% based on comparable ranges and exchange rates. According to FactSet, analysts had previously predicted sales of 4.52 billion euros.
Based on comparable ranges and exchange rates, Gucci's sales decreased by 7% to 2.22 billion euros. Saint Laurent's sales shrank by 12% to 768 million euros. Bottega Veneta's sales decreased by 7% to 381 million euros. Sales of other brands under Kaiyun, including Balenciaga and Alexander McQueen, decreased by 15% to 805 million euros.
Analysts surveyed by FactSet previously estimated that Gucci's sales were 2.22 billion euros, Saint Laurent's 799.5 million euros, Bottega's 390 million euros, and other brands' 8225 million euros.