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Kering
reported sales below expectations late Tuesday, as the luxury conglomerate’s biggest brand, Gucci, remained a drag despite efforts by new CEO Luca de Meo to turn the company’s fortunes around.
First-quarter revenue came in at 3.57 billion euros ($4.21 billion), down 6% year-on-year on a reported basis, and flat on a comparable basis at constant exchange rates.
Gucci’s organic sales fell by 8%, a bigger drop than the 6% decline seen in a sell-side consensus cited by analysts.
