French luxury group Kering said sales rose 23 percent in the third quarter, fueled by a stellar performance in Western Europe.
said group revenues in the third quarter totaled 5.14 billion euros, representing a rise of 14 percent in comparable terms. This was up versus the second quarter, and above the consensus forecast for a 12 percent sales rise., said revenue in its directly operated store network continued to grow at a rapid pace, up 19 percent on a comparable basis.
“We delivered sharp top-line growth, both versus last year and from pre-pandemic levels. Our ongoing focus on the exclusivity of our brands and on the quality of their distribution are yielding very positive results and reinforce their positioning in their key markets,” François-Henri Pinault, chairman and chief executive officer of Kering, said in a statement.
Kering’s share price has fallen by 35 percent since the start of the year against the backdrop of looming recession, surging inflation, supply chain disruptions, Chinese lockdowns and the war in Ukraine. But Luca Solca, analyst at Bernstein Research, believes its current valuation is fair due to the potential of the group’s smaller brands.
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