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Kering reports strong performance

Aug 2, 2022 France
Kering reports strong performance
Despite the global macro uncertainty, the French-based group posted a solid sales growth in the first half of 2022 in each of its Houses. Yves Saint Laurent’s performance reached “new highs”
"The Group delivered sharply higher sales in the first half of 2022, sustaining last year’s topline momentum—solid performances in retail around the world more than offset the impact of Covid-related measures in China in the second quarter. We intensify our engagement with local customers across all markets, and we are also leveraging the nascent rebound in tourism in Europe. Each of our Houses contributed to the strong double-digit increase in Group operating income, leading to expanded margin for Kering as a whole. In a period of heightened macro uncertainty, Kering is in great shape to surmount short-term challenges, take advantage of new opportunities, and support the ambitious strategies and tremendous prospects of all our brands", commented François-Henri Pinault, Chairman & CEO of Kering.

Results

In the first half of fiscal 2022, the group's revenue increased by 23% as reported and by 16% on a comparable basis to the same period of fiscal 2021, reaching 9.93 billion euros. Kering noted that its revenue also rose by 28%, as compared to the first half of 2019.  In the second quarter alone, sales grew by 20%, as reported, and by 12% on a comparable basis.

Sales from the directly operated retail network, including e-commerce, were up by 12% in the second quarter of the current year, as compared to the same quarter of 2021, and by 32%, as compared to the second quarter of 2019. This growth was attributed to the "success of Kering's Houses with local customers and the resumption of tourism in Western Europe".

Net income for the period totalled a record 1.98 billion euros, growing by 34% as compared to similar period last year.

Gucci

In the first six months of 2022, Gucci's revenue amounted to 5.17 billion euros, which reflects an increase of 15% as reported and by 8% on a comparable basis.

The House's revenue increased by 12% as reported and by 4% on a comparable basis in the second quarter of the current year. Kering highlighted that the increase in sales in the directly operated retail network in Western Europe, Japan, and North America, "more than" offset the impact of lockdowns in China, while momentum was also strong in Southeast Asia.


Yves Saint Laurent

Yves Saint Laurent's revenue added to 1.48 billion euros in the first half of 2022, up by 42% as reported and by 34% on a comparable basis.  In the second quarter, sales rose by 40% as reported and by 31% on a comparable basis, also driven by the performances in Western Europe, Japan and North America. Growth was "particularly strong" in the directly operated retail network (up by 35% on a comparable basis), thanks to the success of all product categories.

Other Fashion Houses

In the first half of 2022, Bottega Veneta's revenue grew by 18% as reported and by 13% on a comparable basis, reaching 834 million euros. In the second quarter alone, this House's revenue amounted to 438 million euros, which reflects an increase of 14% as reported and of 10% on a comparable basis.

Kering's Other houses "continued to achieve very strong growth": revenue totalled close to 2 billion euros in these six months, up by 32% as reported and by 29% on a comparable basis. In the second quarter of 2022, sales of the Other Houses rose by 28% as reported and by 24% on a comparable basis. 

The group informed that both "Balenciaga and Alexander McQueen maintained their very strong growth trajectories", while Brioni rebounded. Boucheron and Pomellato also delivered solid performances, while Qeelin was affected by the COVID-19-related measures in China during the second quarter.


Image Credits: complex.com

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