Kering 2017 Profit Soars on Strong Performance From Gucci, Yves Saint Laurent
13 Febbraio 2018 - 8:31AM
Dow Jones News
By Euan Conley
French luxury conglomerate Kering SA (KER.FR) said Tuesday that
its net profit for 2017 more than doubled on "spectacular" growth
from its two largest brands.
Net profit for the company was 1.79 billion euros ($2.20
billion), compared with EUR814 million a year earlier, which the
company attributed to strong performance from its Gucci and Yves
Saint Laurent brands. Recurring net income totaled EUR2 billion, it
said.
Fourth-quarter sales for Kering were up 21% at EUR4.26 billion,
the company said, with its flagship Gucci brand posting sales of
EUR1.82 billion for the period. Gucci's annual sales were EUR6.21
billion, it said.
Yves Saint Laurent, Kering's second-largest brand, posted
fourth-quarter sales of EUR407 million, compared with EUR346
million a year earlier.
The company proposed a cash dividend of EUR6 a share, a 30%
year-on-year increase. Kering said it plans to distribute one Puma
share to its shareholders for every 12 Kering shares held. The Puma
share plan, part of Kering's strategy to reduce its holding in the
German sportswear maker, will be proposed at the annual general
meeting in April.
Kering added that it seeks to achieve same-store revenue growth
in 2018 while ensuring a targeted and selective expansion of its
store network.
Write to Euan Conley at euan.conley@dowjones.com
(END) Dow Jones Newswires
February 13, 2018 02:16 ET (07:16 GMT)
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