PARIS, April 21 (Reuters) - Shares in French luxury goods group Kering, whose brands include Gucci, rose on Wednesday after Gucci’s revenues rebounded strongly in the first quarter.
Kering shares were up 1.1% in early session trading, among the top performers on France’s benchmark CAC-40 index.
Kering’s overall first quarter revenues reached 3.89 billion euros ($4.7 billion), up 25.8% when stripping out exchange rate swings and acquisitions, while Gucci’s sales beat the consensus of analysts’ forecasts.
“If Gucci can reap the benefits of recent product and marketing initiatives (particularly with locals and online) we think a successful new chapter of growth could lead to significant earnings per share upgrades,” wrote investment bank Citi, which kept a “buy” rating on Kering shares.
$1 = 0.8314 euros Reporting by Silvia Aloisi and Sarah White; Editing by Sudip Kar-Gupta