PARIS (Reuters) – Sales at Kering’s star Gucci fashion brand fell more than expected in the fourth quarter, as the coronavirus pandemic hurt tourist travel and shopping habits globally.
Kering, which also owns brands such as Saint Laurent, said revenues for the whole conglomerate came in at 4 billion euros ($4.83 billion) for the October to December period, down 8.2% as reported and falling 5% on a comparable basis, missing forecasts for sales to grow closer to 1%.
Gucci’s sales were down 10.3% in the quarter on a comparable basis, when analysts had expected a 4% drop.
($1 = 0.8275 euros)
(Reporting by Silvia Aloisi and Sarah White; Editing by Jacqueline Wong)
