Kering shares down 5% after Q1 sales miss disappoints
PARIS (Reuters) -Shares of Kering traded down 5% in European morning trade on Thursday, after the group reported a first-quarter sales drop that was worse than analysts' expectations. Kering after the market close on Wednesday posted a 14% decline in sales, with a 25% drop at flagship label Gucci, adding to evidence the luxury sector faces another tough year. The sales report confirmed "a weakening backdrop" since February, said analysts at Jefferies, noting "the uncertainties around reigniting Gucci's desirability remain plentiful".