PARIS, April 25 French luxury group Kering
delivered a forecast-beating 28.6 percent jump in
first-quarter comparable sales on Tuesday, as a revival at its
biggest brand, Italy's Gucci, accelerated and fashion house Yves
Saint Laurent outperformed.
Kering, whose strong results provided further evidence of a
recovery in the wider luxury sector, said its quarterly
performance put it in a particularly good position for the rest
of the year despite political and economic uncertainties.
First quarter comparable sales at Gucci, which makes over
60 percent of Kering's profit and whose products are favoured by
celebrities such as singer Rihanna, rose 48.3 percent, beating
analysts' expectations of 21.4 percent growth.
Kering's Yves Saint Laurent posted comparable sales growth
of 33.4 percent, also beating expectations of 19 percent growth,
while sales at Bottega Veneta rose 2.3 percent amid improving
tourism spending in Europe and stronger demand in Asia.
Analysts polled by Financial Inquiry for Reuters eyed group
comparable sales growth of 13.6 percent in the first quarter
2017 against 10.4 percent growth in the fourth quarter 2016.
(Reporting by Dominique Vidalon; editing by John Irish)