July 29 (UPI) -- France-based Kering, the owner of Gucci, on Tuesday reported lower second-quarter financial returns than what was expected, pointing to "uncertain" global factors.
Gucci sales dropped 15% year-on-year to about $4.27 billion versus its projected $4.5 billion. Over the quarter, sales at the Italian luxury brand also went down 25%.
"Though the numbers we are reporting remain well below our potential, we are certain that our comprehensive efforts of the past two years have set healthy foundations for the next stages in Kering's development," company Chairman and CEO François-Henri Pinault said in a statement acknowledging the disappointing numbers.
Stock value in Kering fell nearly a quarter in the past year alone.
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