'No light at end of tunnel' - Kering slumps to 7-yr lows on H2 guidance slash
Refiles to remove extraneous word in headline.
** Shares in Kering PRTP.PA plummet 8.6%, to its lowest price in 7 years, as the Gucci owner forecasts a 30% slump in H2 operating profit hit by weak demand in China
** Kering's Q2 sales fall 11% organically to 4.51 bln euros ($4.88 bln), more than the consensus expected (-9%), while H1 oper profit slumps 42% y/y
** "Another step backwards," Deutsche Bank says, adding the guided H2 slump is much worse than consensus expectations of -10%
** "Bear in mind this is in addition to forecasts which have been under consistent downward pressure," the broker adds, also flagging lack of visibility on Gucci's turnaround
** J.P. Morgan says H2 outlook confirms sales re-acceleration at Gucci will take longer than hoped for, at a cost greater than anticipated
** "With currently no sign of the light at the end of this tunnel yet, we think it is still too early to become constructive", JPM says
** Up until Wednesday's close, Kering shares lost about 25% this year
** They closed 4.5% lower on Wednesday following the luxury sell-off triggered by LVMH's LVMH.PA expectations-missing print
** Peers Richemont CFR.S, Burberry BRBY.L, Ferragamo SFER.MI slip about 1.4%-3%
** LVMH slips 0.6%
($1 = 0.9230 euros)
Reporting by Piotr Lipinski
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