Kering SA, the owner of the Gucci and Yves Saint Laurent brands, reported a 14.2% increase in reported revenues for the third quarter of 2019, reflecting growth in all its businesses.
Revenue rose to €3.88 billion from €3.40 billion in the third quarter of 2018. On a comparable basis, revenue rose 11.6%. The results were slightly ahead of forecasts. The French luxury company was expected to report revenue of €3.80 billion, according to consensus analyst forecasts compiled by S&P Global Market Intelligence.
"Our progress, on top of considerable expansion in the past two years, is healthy and well-balanced across all houses," said CEO and Chairman François-Henri Pinault, in a statement. The company reported its Q3 revenue after the close of trading in Paris. The company had previously reported revenue for the first half of 2019 that narrowly missed expectations.
Gucci's revenue increased 13.3% on a reported basis to €2.37 billion. Growth in Gucci sales from directly operated stores, up 10.7% on a comparable basis, was led by Asia-Pacific and Western Europe, Kering said. Some analysts were concerned that turmoil in Hong Kong may have dented store-based sales.
Yves Saint Laurent's revenue rose 13.3% to €506.5 million and Bottega Veneta's revenue rose 9.8% to €284.3 million, both on a reported business. The company's other businesses, including jewelry, Balenciaga and Alexander McQueen, reported an 18.6% increase in revenue to €612.3 million.