Kering Q1 Sales Up 11.4%

(RTTNews) - French luxury goods company Kering SA (PPRUY.PK, PPRUF.PK) on Tuesday said its sales for the first quarter rose 11.4% to 2.65 billion euros from 2.38 billion euros a year ago. On a comparable basis, sales were up 0.6%.

Sales at the company's luxury segment rose 10.9% from last year. Among brands, Gucci sales climbed 3.7%, Bottega Veneta gained 15.6%, Yves Saint Laurent jumped 33.8%, and other brands rose 14.4%.

The company said the luxury segment benefited from positive comparable performances in directly operated stores, driven by momentum in Europe and North America.

Sales at its sports and lifestyle segment rose 12.7%, with Puma sales up 13%, and other brands up 9% as demand for footwear gained strength.

"Group revenues, up in the first quarter of the year, reflect a complex economic and monetary environment as well as the transition underway at Gucci. Our priority today is to give our flagship luxury brand fresh impetus," said CEO François-Henri Pinault.

Looking ahead, Pinault said the company expects a gradual improvement in performances throughout the year.