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Kering FY19 Profit Down 37.4%; Revenue Rises - Quick Facts

French luxury goods company Kering SA (PPRUY.PK,PPRUF.PK) reported Wednesday that its full year 2019 net income, Group share, declined 37.4 percent to 2.31 billion euros from a restated 3.69 billion euros in the prior year. Earnings per share, Group share declined to 18.40 euros from 29.49 euros last year.

The decline in net income was due to the non-recurring tax expense relating to the tax settlement concluded in Italy on May 9, 2019 and the 1.18 billion euros net gain recognized in 2018 following the distribution in kind of PUMA shares.

Recurring net income, Group share, increased 15.1 percent to 3.21 billion euros from restated 2.79 billion euros last year.

Recurring operating income increased 19.6 percent to 4.78 billion euros from a restated 3.99 billion euros a year ago. Consolidated recurring operating margin increased 90 basis points year-on-year to 30.1 percent.

Consolidated revenue for the year grew 16.2 percent to 15.88 billion euros from 13.67 billion euros last year. Revenue increased 13.3 percent on a comparable basis.

François-Henri Pinault, Chairman and Chief Executive Officer, said, "Kering delivered another year of sustained profitable growth in 2019, as total revenues significantly exceeded the 15-billion-euro mark and our recurring operating margin topped 30% for the first time ever. We are pursuing the implementation of our strategy — we are focused on developing our Houses, executing flawlessly, and creating value."

Gucci's revenue for the year was 9.63 billion euros, rising 16.2 percent as reported and 13.3 percent on a comparable basis.

Yves Saint Laurent sales for the year rose 17.5 percent on a reported basis and 14.4 percent on a comparable basis to 2.05 billion euros. Bottega Veneta generated revenue of 1.17 billion euros, up 2.2 percent on a comparable basis and 5.3 percent as reported.

At its February 11, 2020 meeting, Kering's board of directors decided to ask shareholders to approve a cash dividend of 11.50 euros per share for 2019 at the Annual General Meeting to be held to approve the financial statements for the year ended December 31, 2019.

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