PARIS, April 24 (Reuters) – Kering’s shares
slumped on Wednesday, after the French luxury goods company
warned it expected a 40% to 45% plunge in first-half operating
profit.
Kering shares were down 8.5 percent in early session
trading, dragging down slightly the shares of its French rivals
LVMH and Hermes.
Late on Tuesday, Kering warned of the likely drop in
first-half operating profit as it also reported that
first-quarter sales had declined as wealthy shoppers curbed
spending on products from its star label Gucci.
(Reporting by Mimosa Spencer;
Editing by Sudip Kar-Gupta)