Gucci sales tumbled in the first quarter as efforts to revive Kering SA’s biggest brand again failed to yield signs of a turnaround.

The crisis at Kering's flagship Gucci label deepened in the first quarter, the company said on Wednesday as it flagged possible job cuts with no signs of improvement in sight.

The stock fell after the owner of Gucci and Yves Saint Laurent posted sales below analysts’ expectations, unnerving investors as the group navigates a slowdown in luxury-goods spending.