Shares in Gucci owner Kering rose 5% in early Paris stockmarket trade on Thursday after the company reported stronger-than-expected sales in the last quarter and signaled improvement across its brands.
The trading update showing a 5% overall sales decline was the first under the leadership of newly-appointed CEO Luca de Meo. Yet it also came as a reminder of the steep challenges Kering is facing to bring shoppers back to its boutiques.
Citi analysts highlighted a "noticeable lack of earnings downgrades for the first time in over three years" but cautioned: "We would not chase recent FOMO rally" before fully-year results and the company's new strategic plan due in spring.
