The Luxury Division achieved further growth across all regions, with revenue up 5.6% in the quarter and up 7.1% in the first nine months of the year on a comparable basis. Fashion and Leather Goods sales advanced 6% during the quarter. The Sport & Lifestyle Division's revenue contracted slightly (down 0.9% on a comparable basis).

François-Henri Pinault, Chairman and Chief Executive Officer, commented: "Kering posted another quarter of growth, propelled by the Luxury Division's strong performance, notably in our own store network.

"This performance underscores the strategic rationale of our multi-brand business model and the success of our diversification strategy in terms of geographical coverage, distribution channels and product categories. Revenue generated by the Sport & Lifestyle Division contracted, in line with our forecast, impacted by the unfavorable consumer spending environment.

“A new management team has been appointed to radically transform Puma and restore the brand's powerful position. With very healthy gross margins in our luxury brands and continued tight control of our operating expenses, we remain confident in our performances for the year as a whole.”

Luxury Division

The Luxury Division reported a solid third-quarter performance with revenue growing by 6% on a comparable basis, fuelled by sales generated in its directly operated stores, up 8%. The Division's growth is evenly balanced between mature markets (up 5%) and emerging markets (up 7%). All key geographic areas recorded solid growth, with a particularly strong showing in Japan, where revenue jumped 14% on a comparable basis.

The Luxury Division's sales growth was fuelled by the buoyant performance of Fashion and Leather Goods, which advanced 6% during the period. As of September 30, 2013, the store network of the Luxury Division comprised 1,116 units, including 39 net new additions during the quarter and a further 53 directly operated stores following the integration of the Pomellato group.

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Kering