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Kering posts 11% drop in Q2 sales, sees weak second half
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Kering posts 11% drop in Q2 sales, sees weak second half
Jul 24, 2024 9:08 AM

PARIS, July 24 (Reuters) - Kering reported a

bigger-than-expected drop in second-quarter sales and forecast a

weak second half, as the French luxury group struggles to revive

its key label Gucci and worries grow about a prolonged downturn

in high-end spending.

Sales at the French luxury group which owns labels Gucci,

Boucheron and Balenciaga, fell to 4.5 billion euros ($4.9

billion), an 11% drop on an organic basis, which strips out

currency effects and acquisitions.

The figure was below analyst expectations for a 9% drop,

according to a Visible Alpha consensus.

It also said second-half operating income could fall by

around 30%, following a 42% drop in the first half.

($1 = 0.9215 euros)

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