"Kering's solid performances in the third quarter underscore the strength of the Group and the pertinence of our strategy. We delivered sharp top-line growth, both versus last year and from pre-pandemic levels. Our ongoing focus on the exclusivity of our brands and on the quality of their distribution are yielding very positive results and reinforcing their positioning in their key markets", commented François-Henri Pinault, Chairman and Chief Executive Officer

Third Quarter Results

In the third quarter of 2022, Kering's revenue totalled 5.14 billion euros, up by 23% as reported, and by 14% on a comparable basis, as compared to the same quarter of last year. The group noted that comparable sales increased by 28% against the third quarter of 2019.

In this period, the revenue of the directly operated store network rose by 19% on a comparable basis. All regions posted growth, as Western Europe and Japan "achieved outstanding performances", by 74% and 31%, respectively, on a comparable basis to the same quarter of 2021. The North American region grew by 1%, with American tourists contributing to the European sales momentum, and the Asia-Pacific region recorded a robust performance (up by 7%), despite the ongoing impact of COVID-19 restrictions in Mainland China.

Gucci

Gucci's revenue totalled 2.58 billion euros in the three months that ended on the 30^th of September, reflecting an increase of 18% as reported, and 9% on a comparable basis, as compared to the similar period of last year. Sales generated in directly operated stores were up by 9% on a comparable basis, which shows that despite the small improvement over the prior quarter, the Luxury House is still failing to return to the double-digit growth reported in the first quarter. Gucci performed very well in Europe and Japan, but "is among the brands that are still negative in China", explained Kering’s Chief Financial Officer Jean-Marc Duplaix to analysts on Thursday.

Yves Saint Laurent

Yves Saint Laurent posted yet "another stellar quarter" across all regions, with revenue amounting to 916 million euros, up by 40% as reported, and by 30% on a comparable basis, as compared to the third quarter of last year. Sales in directly operated stores rose by 38% on a comparable basis. Kering noted that, in Western Europe, revenue "more than doubled relative to the third quarter of 2021 due to the resumption of tourism and the House’s desirability with local customers".

Other Fashion Houses

In the third quarter of 2022, Bottega Veneta's revenue increased by 20% as reported, and by 14% on a comparable basis, totalling 437 million euros, as compared to the similar quarter of 2021. Sales in directly operated stores grew by 20% on a comparable basis.

Kering's Other Houses revenue added 995 million euros this quarter, reflecting an increase of 17% as reported and 13% on a comparable basis. Revenue from directly operated stores rose "sharply" by 43% on a comparable basis, with "particularly buoyant" sales across all product categories at Balenciaga and Alexander McQueen.