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First half earnings for the French luxury conglomerate, Kering, beat analysts’ estimates with operating profit up 4.9% to €811 million against the expected €796 million.
The Group’s consolidated revenue for the first six months of 2016 stood at €5.693 million, up 5.5% on a comparable basis. Recurring operating income increased 4.9%, while recurring operating margin was up 20 basis points, higher in both Luxury and Sport & Lifestyle Net income.
Group share increased 9.9% and gross margin for the first half of 2016 was €3.6 million, up €202 million, or 6%, year-on-year as reported.
"We are pleased with the performances we have delivered in the first half of 2016. Overall growth in our Luxury activities in the second quarter significantly outpaced the level reached in the first three months of the year. Gucci's creative momentum and ambitious strategy, launched last year, are delivering tangible results: sales growth is accelerating in the second quarter on top of tough comps; recurring operating income is up 7% in the first half”, said François-Henri Pinault, Chairman and CEO, Kering.
In the first six months of 2016, Gucci's revenue advanced 3.9% on a reported basis and 5.4% on a comparable basis. Sales jumped 7.4% in the second quarter, despite an unfavourable basis of comparison. The brand’s recurring operating income totalled €537 million for the first half of 2016.
According to Kering, Gucci's repositioning has proved highly successful with the brand’s European clientele and has fuelled renewed appeal among tourists visiting Europe. In emerging markets, sales returned to growth at constant exchange rates, rising 2.1% off the back of a solid performance in Mainland China, particularly in the country's major cities.
On the other hand, Bottega Veneta posted revenue of €571 million in the first half of 2016, down 9.2% as reported and 9.1% based on comparable data
Positive growth was also recorded for Yves Saint Laurent, with €548 million in revenue for the first six months of 2016, up 23.7% as reported and 24.2% at comparable exchange rates, with revenue growth in the second quarter growth totalling 22.1%. In the first half of 2016, the brand registered operating income of €109 million, up 80.2% year on year.
Earlier in July, Kering released its third Environmental Profit & Loss Report (EP&L), in which leather continues to be the major driver of impacts, followed by textiles from synthetic fibres, plants, metals and animal fibres. Read more here.