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RAPAPORT... Luxury group Kering reported that revenue improved 11.4 percent year on year to $3 billion (EUR 2.65 billion) in the first quarter that ended on March 31; however, sales measured by comparable exchange-rates fell 0.6 percent. Sales from luxury items, including jewelry, fell 2.6 percent on a comparable-basis, while revenue from the company's sports and lifestyle brands rose 3.7 percent. Kering stated that revenue from its jewelry and watches division recorded "mixed sales performance" during the quarter and that its third-party watch distributors are exercising caution. François-Henri Pinault, Kering's CEO and chairman, said, "Group revenue was up in the first quarter of the year, reflecting a complex economic and monetary environment as well as the transition underway at Gucci. Our priority today is to give our flagship luxury brand fresh impetus and we are confident in the success of the action plans initiated by the new teams, both on a creative and organizational front. Thanks to the dedication of all our associates and to the tremendous potential of each of our brands, we pursue the implementation of our strategy while keeping a tight rein on costs. Consequently, we expect a gradual improvement in our performances through out the year."
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