Gucci39;s Q4 revenue down 14
Gucci39;s 2022 recurring op income flat at 3.73 bln euros
Gucci in 2022 39;did not meet our expectations39; finance chief

PARIS, Feb 15 Reuters Sales at French luxury group Kering fell 7 in the fourth quarter, dragged lower by a slump in revenue at its biggest brand Gucci which was hit by COVID lockdowns in China and weaker demand in the United States due to a stronger dollar.

Kering shares fell as much as 4 in early Wednesday trade on the disappointing results, which missed analyst forecasts, but recovered to trade up 0.6 at 0851 GMT.

Gucci39;s revenue in the last three months of the year fell 14 on a comparable basis to 2.73 billion euros 2.92 billion, lagging an analysts39; consensus for an 11 fall.

For the group, which also owns labels Yves Saint Laurent, Bottega Veneta and Balenciaga, analysts had forecast a slide in comparable sales of 3.

Finance chief JeanMarc Duplaix said Gucci39;s 2022 performance did not meet our expectations, adding the group was confident it could turn around the brand in 2023.

But while Gucci, which accounts for the bulk of profits and revenues at Kering, was the only brand to post a fall in sales, analysts said other labels too posted lowerthanforecast results.

While China was unsurprisingly a large drag, we note that North America performance came in below our expectations at every single brand, said JP Morgan analyst Chiara Battistini.

Kering said sales fell by 15 in North America in the fourth…