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Sales growth at Gucci slows down sharply in Q3, missing forecasts -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: Mannequins are seen inside a closed Gucci store on 5th Avenue, during the outbreak of the coronavirus disease (COVID-19), in Manhattan, New York city, New York, U.S., May 11, 2020. REUTERS/Mike Segar/File Photo

PARIS (Reuters) – Kering (PA:)’s star brand Gucci grew sales by 3.8% in the third quarter, missing analyst expectations, as the pace of recovery from the coronavirus pandemic slowed down sharply following a bumper second quarter, particularly in Asia.

Overall sales at the French group rose by 12.2% on a comparable basis, which strips out the effect of acquisitions and currency fluctuations, a touch above an analyst consensus forecast for an 11% increase.

The group flagged a strong performance in the United States and improving sales in western Europe but said a resurgence of COVID-19 cases in late July and August had weighed on revenues in the key Asia-Pacific region.

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