• H1 comparable sales up 3.5%
  • Total sales grow 17% to EUR5.51bn (US$6.09bn)
  • Net profit declines 13% to EUR489m, from EUR562m

French luxury goods group Kering has recorded sales growth for the Gucci brand for the first time in two years, but saw second-quarter earnings slide.

In the first six months of the year, comparable sales grew 3.5%, while total sales were up 17% to EUR5.51bn (US$6.09bn). Comparable sales at the Gucci luxury brand increased 4.6% in the quarter, rebounding from a 7.9% drop in the previous quarter.

Exchange rate fluctuations had a positive impact on revenues in the period, while sales growth in mature markets was once again buoyant, up 5.5%, driven by Western Europe and Japan, while sales in emerging markets were stable.

The strong revenue sent shares up 6.43%, but despite this, Kering’s profit over the period declined 13% to EUR489m, from EUR562m a year earlier. The firm blamed currency hedging contracts for the decline.

Gross margin stood at EUR3.4bn, up EUR397m, or up 13.2%.

CEO François-Henri Pinault, said: "Kering delivered a sound performance in the first half of 2015, buoyed by strong sales growth in the second quarter in a volatile economic and currency environment.

"As we enter the second half of the year, I am fully confident in the group's ability to combine strict management discipline with organic growth at each of our brands."