Reuters logo
Kering 2016 earnings beat expectations as Gucci's revival accelerates
February 10, 2017 / 7:39 AM / 9 months ago

Kering 2016 earnings beat expectations as Gucci's revival accelerates

PARIS, Feb 10 (Reuters) - French luxury and sports brand group Kering reported a forecast beating rise in 2016 profit on Friday, reflecting the successful revival of its biggest brand, Italy’s Gucci.

The owner of Yves Saint Laurent, Stella McCartney and Puma brands said 2016 recurring operating income rose 14.5 percent to 1.886 billion euros ($2.01 billion) while group revenue rose 8.1 percent on a comparable basis to 12.385 billion euros.

This compared with 1.83 billion euros for profit and 12.28 billion euros for sales according to a Reuters consensus conducted with Inquiry Financial.

Fourth quarter comparable sales at Gucci, which makes over 60 percent of Kering’s profit, rose 21.4 percent, beating analysts expectations of 13 percent. This was an acceleration from already stellar 17 percent growth in the third quarter. ($1 = 0.9384 euros) (Reporting by Dominique Vidalon; Editing by Bate Felix)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below