Kering Q3 Sales Down 10%

(RTTNews) - French luxury brand Kering SA on Wednesday reported third-quarter sales of 3.415 billion euros, down 10% from 3.786 billion euros last year.

Revenues were down 5% on a comparable basis.

During the three-month period, Gucci sales slipped 18 percent to 1.343 billion euros from 1.641 billion euros in the previous-year quarter. Yves Saint Laurent sales dropped 7% to 620 million euros, while Bottega Veneta declined 1% to 393 million euros. Other Houses' revenues were down 5% to 652 million euros, while Kering Eyewear and Corporate revenues rose 2% to 448 million euros.

"Kering's third-quarter performance, while representing a clear sequential improvement, remains far below that of the market. This reinforces my determination to work on all dimensions of the business to return our Houses and the Group to the prominence they deserve. We are working relentlessly on our turnaround, as shown by our recent decisions," said CEO Luca de Meo.