开云集团第四季度销售额同比下降3%，古驰销售额连续十个季度下滑

Core Viewpoint - The luxury goods giant Kering reported a smaller-than-expected decline in fourth-quarter sales, while investors await details on CEO Luca de Meo's plans to revitalize the struggling Gucci brand [1] Group 1: Financial Performance - The group's fourth-quarter sales reached €3.9 billion (approximately $4.64 billion), reflecting a 3% year-over-year decline after adjusting for currency fluctuations, which was better than the analysts' average expectation of a 5% decline [2] - Gucci's comparable sales in the fourth quarter fell by 10%, slightly better than the analysts' forecast of a 12% decline, marking the brand's tenth consecutive quarter of sales decline [2] - Excluding one-time real estate sales, the company's operating cash flow decreased by 35% to €2.3 billion [3] Group 2: Profitability Metrics - Kering's operating profit for the fiscal year 2025 is projected to be €1.63 billion, only about one-third of its 2022 level, with the overall operating profit margin dropping to 11% [3] - Gucci's operating profit margin has decreased to 16%, down from 28% and 36% three years ago [3] - In contrast, competitor LVMH achieved a 22% profit margin last year, with its leather goods and fashion division (including Louis Vuitton and Dior) reaching a profit margin of 35% [3]