The shares of French luxury goods corporation Kering S.A. dropped to their lowest level in 7 years as the business shared subpar results and guidance.
Yesterday, Kering revealed that its revenue in the first six months of fiscal 2024 declined 11% on an annual basis, coming in at €9 billion, with Gucci's revenue alone sliding 20%. "There was a marked deceleration in China, while trends did not improve greatly in North America and Europe," it was written in a statement. Meanwhile, the firm also noted that its recurring operating profit is expected to nosedive 30% year over year in the second half of 2024.
After hitting its lowest point since August 2017, the company's stock slid 6.73% at 9:28 am CET, going for €280 apiece.
