Kering: Initial Estimate Of COVID-19 Epidemic Impact
KERING SA UNSP/ADR (PPRUY)
NASDAQ:AMEX Investor Relations:
kering.com/en/finance
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Source: Business Wire
PARIS--(BUSINESS WIRE)--Regulatory News:Faced with the worldwide health emergency resulting from the COVID-19 epidemic, the health and safety of the teams at Kering (Paris:KER) and its Houses are the Group’s utmost priority. The commitment, cohesion and resilience demonstrated by Kering’s people in the current circumstances must be commended.Taking into account the progression of COVID-19 in all of its key markets and its impact on the activity of its Houses, Kering estimates that its consolidated revenue for the first quarter of 2020, ending March 31, should post a decline of 13% to 14% in reported terms (down around 15% in comparable terms) versus the first quarter of 2019.Currently, the Group is observing encouraging signs in Mainland China, where the decline in store traffic, and hence in sales, is narrowing. Conversely, the impact of the epidemic remains significant in other Asia Pacific markets, and the situation has substantially deteriorated in recent weeks in Western Euro
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