Kering Pounded by Luxury Slowdown, Warns on Profit

Kering issued its third profit warning this year as third-quarter sales fell 16 percent on a comparable basis to €3.78 billion ($4.08 billion), missing analysts’ already-low expectations.

A market-wide slowdown is pounding the French group. Gucci, Saint Laurent and its Other Houses unit housing Balenciaga and McQueen all posted double-digit declines, while Bottega Veneta and eyewear both delivered mid-single-digit growth.

The French group forecast full-year operating profits would drop…