Kering Q1 revenues hit €5bn amid ‘mixed’ results

Luxury goods company Kering has reported revenues of €5bn (£4.4bn) in its first quarter, up 2% on a reported basis and 1% on a comparable basis, though warned its overall performance remains “mixed”. 

Gucci sales in the directly operated store network grew 1% on a comparable basis relative to the first quarter of 2022. 

Meanwhile, Yves Saint Laurent had a good start to the year with revenues of €806m (£714m), up 9% as reported. 

Bottega Veneta’s Q1 revenue was “stable year-on-year” at €395m (£350m). As the firm continued to overhaul its directly operated store network, expanding selling space and refurbishing stores, business levels were sustained, with retail revenue up 5% on a comparable basis. 

Kering’s other firms generated revenue of €890m (£788m) in the period, down 9% as reported and on a comparable basis but the group believes that trends at Balenciaga and Alexander McQueen were positive. 

François-Henri Pinault, chairman and chief executive officer, said: “Kering’s performance in the first quarter remained mixed, as we had anticipated. As we work to augment the desirability of our brands and raise their profile in key markets, we are encouraged by the gradual improvement in activity month after month during the period. 

“A host of initiatives undertaken by all our Houses to enhance their appeal and exclusivity lays the foundations for sustained, profitable growth.”