Kering Shares Plunge After First-Half Revenue Drop, Second-Half Income Warning

1 min read | July 25, 2024 04:31 AM PDT | By Team Kalkine Media

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Kering Shares Plunge After First-Half Revenue Drop, Second-Half Income Warning — Image source: Shutterstock

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Highlights

Kering Shares Drop 7.2% After Reporting 11% Decline in First-Half Revenues

Gucci Owner Warns of 30% Decline in Second-Half Operating Income Amid Slowing Market

Kering's Recurring Operating Income Falls 42% in H1, Impacted by Weak China and Western Markets

Gucci owner Kering (OTC:PPRUF) saw its shares tumble on Thursday after reporting a decline in first-half revenues and warning of a significant drop in second-half operating income.

For the six months ending June 30, Kering's group revenue fell 11% year-on-year to €9 billion, attributed to a "slowing market" in most regions except Japan. The company noted a significant deceleration in China, with little improvement in North America and Europe, and a growing performance gap among sector players.

Kering, which also owns Yves Saint Laurent and Bottega Veneta, reported a 42% drop in recurring operating income to €1.6 billion, in line with its first-quarter guidance. Given the uncertainties surrounding luxury consumer demand, the group projected a roughly 30% decline in second-half recurring operating income compared to H2 2023.

At 1140 BST, Kering's shares were down 7.2% at €279.10.

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