Kering SA (PPRUY.PK), a French luxury goods company, Tuesday reported income before tax of 1.698 billion euros for the full year, significantly lower than 4.233 billion euros in the previous year, primarily affected by decline in sales.
Operating income decreased to 2.312 billion euros from 4.643 billion euros last year.
Net income dropped to 1.133 billion euros or 9.24 euros per share from 2.983 billion euros or 24.37 euros per share a year ago.
Revenue for the year fell 12 percent to 17.194 billion euros from 19.566 billion euros in the previous year.
Sales from the directly operated retail network, including e-commerce, decreased 13 percent on a comparable basis, impacted by lower store traffic, while Wholesale revenue was down 22 percent on a comparable basis.
The company's Board has proposed a final dividend of 6 euros per share, to be paid on May 7, to shareholders of record on May 6.
"Across the Group, and at Gucci first and foremost, we made critical decisions to raise the impact of our communications, sharpen our product strategies, and heighten the quality of our distribution, all in the respect of the creative heritage that distinguishes our brands. We secured our organization, made key hirings, sped up execution, and intensified the efficiency of our operations. Our efforts must remain sustained and we are confident that we have driven Kering to a point of stabilization, from which we will gradually resume our growth trajectory," said François-Henri Pinault, Chairman and Chief Executive Officer.
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