UBS confirms its buy recommendation on the share and leaves its target price unchanged at E480 after the Group announced its sales forecasts for Q1 2024.
' The group unexpectedly issued comments on first-quarter trends, with a first-quarter sales forecast expected to be -10% (vs. -3% by UBSe), led by Gucci, which is expected to record a year-on-year sales forecast of -20% (vs. -4% by consensus, UBSe -5%) with weaker trends in the Asia-Pacific region ' says UBS.
By way of comparison, the market consensus was - until now - anticipating only a 3% decline in the Group's sales for the first three months of the year.
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A global Luxury group, Kering manages the development of a series of renowned Houses in Fashion, Leather Goods, and Jewelry: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, Dodo, Qeelin, Ginori 1735, as well as Kering Eyewear and Kering Beauté.
By placing creativity at the heart of its strategy, Kering enables its Houses to set new limits in terms of their creative expression while crafting tomorrow's Luxury in a sustainable and responsible way. It captures these beliefs in its signature: Empowering Imagination.
In 2023, Kering had 48,964 employees and restated revenue of EUR 19.6 billion.
At the end of 2023, the Group had a network of 1,771 stores under its own management, located primarily in Western Europe (367), North America (316), Japan (238), and in emerging countries (698).
Net sales are distributed geographically as follows: Western Europe (27.6%), Japan (7.2%), Asia/Pacific (35%), North America (23%) and other (7.2%).
KERING 
