Gucci quarterly sales slump on Asia slowdown

Paris

KERING SA reported a worse-than-expected slump in sales at the Gucci luxury-goods brand amid a slowdown in Asia and signalled it will rebalance some prices as a weakening euro widens the differential between regions.

Comparable sales at the unit fell 7.9 per cent in the first quarter, Paris-based Kering said on Tuesday in a statement after markets closed, missing the median estimate for a 4 per cent drop. Group sales met estimates, helped by a weaker euro and a stronger-than-anticipated performance by sportswear maker Puma.