Kering: Disappointing Q1 with 8% sales decline at GucciNEUTRAL, Fair Value EUR195 vs. EUR205 (+10%)
Kering Group’s Q1 2015 sales declined 0.6% organically, below market expectations (consensus: +1.3%). Q1 forex had an around 11% positive impact. Kering’s Luxury organic sales decreased even more strongly (-2.6% vs +1% for the consensus). We remain Neutral on Kering with a new EUR195 FV vs EUR205 previously.
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