Kering (ENXTPA: KER) 1Q19 Update: Solid Revenue Growth Led by Gucci, Saint Laurent, and Other Houses

Executive Summary

• Kering reported a 21.9% rise in 1Q19 revenue to €8 billion, up 17.5% on a comparable basis at constant currency.
• Asia Pacific achieved the best regional revenue growth at 30% on a constant currrency basis.
• By banner and on a constant currency basis, Gucci’s revenue rose 20%, driven by outstanding performance in Asia Pacific, existing and new products, and e-commerce; Saint Laurent’s revenue was up 17.5%, with balanced growth across all regions; Bottega Veneta’s revenue declined 8.9% but its other houses showed strong momentum, with revenues up 21.7%.