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French Luxury Group Kering's Shares Hit 15-Year High Thanks To Strong Gucci Sales

Shares in French luxury group Kering "soared to their highest in more than 15 years" after it reported "bumper third-quarter earnings," according to Stothard & Thomas of the FINANCIAL TIMES. Sales at the group behind Gucci, Yves Saint Laurent and Puma jumped 10.5% on an organic basis -- which "strips out exchange rate fluctuations" -- in the quarter to Sept. 30, "far exceeding analysts’ forecasts" of a 7% rise. Italian fashion house Gucci posted a 17% rise in sales in the quarter, "bucking a wider trend of depressed luxury goods sales." Haitong Research analyst Carole Madjo said, "Gucci has got its mojo back." Sales at Yves Saint Laurent rose 34% while revenues at Puma -- which makes running shoes for Olympic champion Usain Bolt -- rose 10.8% during the quarter. Analysts said that the results "were a positive sign for the upcoming and all-important Christmas shopping season" (FT, 10/26).

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