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)