Gucci’s sales in the quarter advanced 2.4 percent at constant exchange rates as sales sputtered in more mature markets, like the
“Action plans have already been implemented to enable the brand to regain a growth rate consistent with group objectives,” PPR said.
Overall, PPR said sales in the three months through March reached 4.91 billion euros, or $7.37 billion, slightly edging most analysts’ estimations.
Sales grew 4 percent after the impact of currency exchange, reflecting the impact the high value of the euro against the dollar and yen is having on European luxury firms.
PPR’s overall luxury sales improved 9.6 percent at constant exchange – 4 percent after currency exchange – to 816 million euros, or $1.22 billion, led by rapid growth in
PPR’s stock was down over 1.4 percent to 83.20 euros, or $130.58, in mid-morning trading on the Paris Bourse.
For more, see Friday's issue of WWD.