Kering luxury sales growth picks up in Q2
PARIS, July 25
PARIS, July 25 (Reuters) - Kering has seen a pick-up in sales growth at its luxury division in the second quarter, which helped make up for declining revenue at its Puma brand, the French group said on Thursday.
Kering, known as PPR until last month, said luxury sales in the three months to June 30 were up 9.4 percent on a like-for-like basis, compared with a rise of 6.4 percent in the previous three months.
Kering's fashion brands Balenciaga, Stella McCartney and in particular Bottega Veneta were behind the bulk of the growth as Gucci's sales rise remained steady at a little over 4 percent on a comparative basis.
Overall, Kering posted second-quarter sales up 5.2 percent at 2.31 billion euros on a like-for-like basis, in line with the average of estimates compiled by Thomson Reuters I/B/E/S. The sales growth compared with a rise of 3.3 percent during the previous three months.
Kering posted a first-half operating profit of 842.7 million euros, beating expectations of 808 million euros.
The group's performance during the period was hit by Puma's declining sales, which investors hope the new management team will be able to stem.
(Reporting by Astrid Wendlandt, editing by Geert De Clercq and Christian Plumb)
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