Kering provides gloomy comments on Q1 results

Yesterday, after the close of the European session, Kering (KER.FR), one of the largest representatives of the European fashion market, provided its preliminary comments on Q1 2024 results. 

The group estimates that its consolidated revenues in the first quarter of 2024 are expected to decline by around 10% compared to the first quarter of last year. The results primarily reflect a steeper decline in sales at Gucci, particularly in the Asia-Pacific region. Gucci's first-quarter comparable revenues are expected to fall nearly 20% year-on-year.

Kering will publish its first-quarter 2024 revenues. April 23 after market. US ADRs based on the company's shares lost nearly 9% during yesterday's US cash session.