Sales at Kering’s Gucci brand fall further in fourth-quarter

FILE PHOTO: Customers line up to enter a Gucci fashion store at the The Galleria shopping mall after the mall opened during the coronavirus disease (COVID -19) outbreak in Houston

PARIS (Reuters) – Sales at Kering’s star Gucci fashion brand fell more than expected in the fourth quarter, as the coronavirus pandemic hurt tourist travel and shopping habits globally.

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Kering, which also owns brands such as Saint Laurent, said revenues for the whole conglomerate came in at 4 billion euros ($4.83 billion) for the October to December period, down 8.2% as reported and falling 5% on a comparable basis, missing forecasts for sales to grow closer to 1%.

Gucci’s sales were down 10.3% in the quarter on a comparable basis, when analysts had expected a 4% drop.

($1 = 0.8275 euros)

(Reporting by Silvia Aloisi and Sarah White; Editing by Jacqueline Wong)