April 17, 2019 / 3:53 PM / 6 months ago

Gucci growth helps Kering beat Q1 sales forecasts

PARIS, April 17 (Reuters) - French luxury goods conglomerate Kering on Wednesday posted slightly higher-than-expected revenue growth in the first quarter, fueled by its star brand Gucci.

Following a revamp under designer Alessandro Michele, the Italian fashion label is still expanding faster than the sector’s average - with comparable sales rising 20 percent in the January to March period - though the pace of growth is gradually easing.

At group level, Kering reported a 21.9 percent rise in revenue to 3.8 billion euros ($4.29 billion), up 17.5 percent, when stripping out currency swings and the effect of acquisitions.

That was a touch above the 16.9 percent like-for-like growth projected in an Infront Data poll of analysts for Reuters. ($1 = 0.8852 euros) (Reporting by Sarah White and Pascale Denis, Editing by Inti Landauro)

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