Unhidea explains global investment research, selected interviews and market briefs. Explore source attribution, dates, key assumptions and the reasoning behind each article.
Kering’s third-quarter revenue met market consensus, but Gucci retail sales fell 9% year on year, missing expectations; wholesale shipments temporarily cushioned the decline. The company withdrew its full-year revenue growth guidance. BofA cut its price target from €280 to €250 and maintained its Neutral rating.
Bank of America ·
Third-quarter group sales matched consensus, but Gucci’s retail decline widened to 9%, with wholesale growth masking a divergence between channels. Other brands and jewelry performed better, but JPMorgan cut its price target to €200 as the recovery slowed, store closures weighed on sales and margin expectations weakened.
J.P. Morgan ·
Gucci’s comparable directly operated retail sales fell 9% in the third quarter, and Kering withdrew its previous outlook for a return to growth by year-end. New products remain a lever for improvement in the fourth quarter, but store closures and cost controls have become important supports for profit recovery; Bernstein also cut its earnings forecasts and valuation multiple.
Bernstein ·
Kering’s third-quarter revenue met expectations, but Gucci retail fell 9%, with a wholesale rebound masking weakness in the core business. Goldman Sachs has lowered its fourth-quarter growth forecast for Gucci and its group margin forecasts; growth at other brands and accelerated store closures provide support, but are insufficient to drive an improvement in second-half margins over the first half.
Goldman Sachs ·
