financetom
Business
financetom
/
Business
/
Kering posts 11% drop in Q2 sales, sees weak second half
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
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)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
China's Alibaba beats quarterly revenue estimates
China's Alibaba beats quarterly revenue estimates
May 14, 2024
May 14 (Reuters) - China's Alibaba Group Holding ( BABA ) on Tuesday beat analysts' estimates for fourth-quarter revenue, as a focus on low-cost goods in response to cautious consumer spending helped boost domestic e-commerce sales in the three-month period. The company reported revenue of 221.87 billion yuan ($30.66 billion)in the three months ended March 31, compared with a consensus...
HudBay Minerals' Q1 Adjusted Earnings, Revenue Increase
HudBay Minerals' Q1 Adjusted Earnings, Revenue Increase
May 14, 2024
06:32 AM EDT, 05/14/2024 (MT Newswires) -- HudBay Minerals ( HBM ) reported Q1 adjusted earnings Tuesday of $0.16 per diluted share, up from breakeven a year earlier. Analysts polled by Capital IQ expected $0.04. Revenue for the quarter ended March 31 was $525 million, up from $295.2 million a year earlier. Four analysts surveyed by Capital IQ expected $455.9...
NGEx Minerals Q1 Net Loss Widens
NGEx Minerals Q1 Net Loss Widens
May 14, 2024
06:35 AM EDT, 05/14/2024 (MT Newswires) -- NGEx Minerals ( NGXXF ) overnight Monday reported that its first-quarter net loss widened due in part to higher exploration and project investigation costs. First-quarter net loss came in at $19.7 million, or a loss $0.11 per share, widening from a loss of $15.2 million, or a loss of $0.09 per share. Exploration...
China's Alibaba beats quarterly revenue estimates, profit drops
China's Alibaba beats quarterly revenue estimates, profit drops
May 14, 2024
(Reuters) -China's Alibaba Group Holding ( BABA ) beat analysts' estimates for fourth-quarter revenue on Tuesday, as a focus on low-cost goods in response to cautious consumer spending helped boost domestic e-commerce sales in the three-month period. Its U.S.-listed shares, however, fell about 3% in premarket trading, as profit fell about 86% in the fourth quarter. Consumers in China have...
Copyright 2023-2026 - www.financetom.com All Rights Reserved