Retail brands drag on revenue at France's Kering

PARIS (AP) French luxury and retail company Kering says sales fell 1.5 percent in the third quarter as its retail brands struggled amid tough economic conditions in Europe.

The company, formerly known as PPR, said Thursday that it brought in 2.5 billion euros ($3.5 billion) in the June-to-September quarter.

Kering has been jettisoning many of its retail brands to focus on luxury, which has withstood the global economic crisis well. Sales in its luxury division were up 1.5 percent and would have been higher if it were not for a slide at Gucci, which relies heavily on the struggling Italian market.

But its sports and lifestyle division, made up largely of the Puma brand, saw revenue drop 7.6 percent. The company said it has installed a new management team at Puma.

This story has been automatically published from the Associated Press wire which uses US spellings

Get the news delivered straight to your inbox

Receive the day’s news, sport and entertainment in our daily email newsletter

SIGN UP NOW

© Copyright 2016, NZME. Publishing Limited

Assembled by: (static) on production bpcf05 at 24 Aug 2016 10:07:42 Processing Time: 437ms