PARIS — Kering revenues returned to growth in the second quarter, as its Gucci brand performed better than expected, though it remained stuck in negative territory.
The corporate parent to brands including Saint Laurent, Balenciaga and Bottega Veneta said revenues in the three months to June 30 rose 1 percent to 3.65 billion euros, representing an increase of 2 percent in comparable terms.
The figures beat a company-compiled consensus of analyst estimates, which had projected a 1.4 percent rise in comparable sales to 3.62 billion euros, amid a wide-ranging turnaround plan presented by chief executive officer Luca de Meo in April.
Gucci posted a 2 percent organic revenue drop during the period, better than the 4.7 percent decline forecast by analysts, as creative director Demna’s collections continued to gain traction, with brand visibility boosted by his high-impact cruise show on Times Square in May.
Kering said recurring operating profit was flat in the first half at 921 million euros, above the consensus estimate of 865 million euros. Gucci accounted for 51 percent of the group’s operating profit during the period.
