Luxury group Kering’s fourth quarter sales were hit by a continued slump at its main brand Gucci, it said on Tuesday, but a slight improvement in the group’s performance in major markets China and the United States buoyed investors.

Kering’s revenue fell by less than analysts expected in the fourth quarter as the Gucci owner seeks to reinvigorate a turnaround plan for its core brand. Some luxury groups have pointed to signs of a rebound in demand,

The French conglomerate, which sacked Gucci designer Sabato de Sarno last week as part of its efforts to revive the label, said sales over the last three months of the year were 4.39 billion euros ($4.52 billion), down 12% on a comparable basis, in line with expectations according to a Visible Alpha consensus cited by UBS.

Gucci quarterly sales tumbled as Kering SA’s biggest label struggles to emerge from an extended demand downturn.