Gucci's comparable revenue fell 6% year over year in the third quarter, exceeding analysts' forecast of a 3.3% decline. According to Sina Finance, Kering reported that group revenue fell 1% and did not reiterate its earlier target of returning to growth this year. Chief Financial Officer Armelle Poulou said on a conference call that the company's results had “not yet reached the level we expected,” and noted that Gucci's sales growth in North America slowed last quarter. After the results were released, Kering's American depositary receipts fell as much as 12% in New York trading. Earlier this month, the company warned analysts that operating conditions in the luxury goods industry were worsening, putting pressure on its shares. Kering's Paris-listed shares have fallen nearly 30% so far this year.