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Kering: strong growth in revenue

Jul 29, 2019 France
Kering: strong growth in revenue
The French-based luxury group has announced two digit growth for the first half of the year with 18.8% for year on year revenue growth
“In the first half of the year, we delivered another very strong set of results. Kering’s revenue growth handily topped market trends and was highly profitable. We created an additional 1.2 billion euros in revenue in the six months, and our operating margin reached a record 29.5 percent. Our strategy is clearly paying off. The success of our brands, built on creativity, innovation, and customer dedication, along with rigorous execution and financial discipline, are delivering a superior combination of organic growth and sustainable profitability”, stated François-Henri Pinault, Chairman and Chief Executive Officer.

First half results

Consolidated revenue for the first half of 2019 amounted to 7 638.4 million euros, posting a remarkable increase of 18.8% year on year as reported and 15.3% based on a comparable group structure and exchange rates. This strong growth was driven by all of the group’s geographic regions, with increases of 24.2% in Asia-Pacific (excluding Japan), 10.2% in Japan, 14.8% in Western Europe  and 7.3% in North America.

Kering’s gross margin for the first half of 2019 amounted to 5 652 million euros, up by 18.3% on the same period of 2018. Net income of the group totalled 579.7 million euros. Compared with similar period of 2018, the change was mainly driven by the non-recurring tax expense relating to the tax settlement concluded in Italy in May and the 1 177 million euros net gain recognized in first-half 2018 following the payment of the PUMA stock dividend. The group's recurring net income totalled 1 556.1 million euros (up 24.7%)

About Kering

A global Luxury group, Kering manages the development of a series of Houses in Fashion, Leather Goods, Jewelry and Watches such as: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo, Qeelin, Ulysse Nardin, Girard-Perregaux, as well as Kering Eyewear. In 2018, Kering had nearly 35 000 employees and posted revenue of 13.7 billion euros.

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