2 Min Read
PARIS, April 25 (Reuters) - 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)