Kering 2Q Revenue Rose in Line With Views
27 Luglio 2023 - 6:27PM
Dow Jones News
By Maitane Sardon
Kering on Thursday posted a rise in second-quarter revenue in
line with analysts' expectations.
The French luxury-goods group made a recurring operating profit
of 2.74 billion euros ($3.04 billion) in the first half, compared
with EUR2.82 billion in the year-earlier period. The operating
margin was 27%, while net profit came to EUR1.79 billion, compared
with EUR1.99 billion a year ago, Kering said.
Second-quarter sales rose 2% on a comparable basis to EUR5.06
billion, from the EUR4.97 billion booked in the previous quarter,
and in line with expectations of EUR5.06 billion, according to a
poll of analysts' estimates taken from FactSet.
Revenue from its retail network grew 4% on a comparable basis in
the second quarter, with good performances in Asia-Pacific and
Japan and solid growth in Western Europe. Meanwhile, sales fell in
the U.S., Kering said.
First-half sales came to EUR10.14 billion, up 2% from EUR9.93
billion in last year's first half.
Gucci, which contributes a majority of group revenue, booked a
1% increase in second-quarter sales on a comparable basis, to
EUR2.51 billion, Kering said.
"Together with the major organizational changes we announced
last week to enhance stewardship of our Houses, as well as the many
projects we have already launched over the past few months, the
developments of the first half strengthen my confidence in Kering's
future prospects," said Chairman and Chief Executive Officer
François-Henri Pinault.
Write to Maitane Sardon at maitane.sardon@wsj.com
(END) Dow Jones Newswires
July 27, 2023 12:12 ET (16:12 GMT)
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