Gucci Sales Beat Sends Kering Shares to Biggest Gain Since 2020

Better-than-expected sales at top brand Gucci sent Kering SA shares soaring as investors bet new Chief Executive Officer Luca de Meo will revive growth at the struggling luxury group.

While comparable revenue at Gucci fell 10% in the fourth quarter, the decrease was the smallest by percentage in two years and slightly better than analysts anticipated. Annual profit at the label also exceeded expectations.