Sound operating performance in the first-half
∞ Revenue up 4% and improved recurring operating margin on a comparable basis
∞ Solid sales growth for the Luxury activities: up 6% on a comparable basis
∞ Positive trends in Sport & Lifestyle
∞ Negative foreign currency impact
∞ Excellent level of free cash flow from operations
François-Henri Pinault, Chairman and Chief Executive Officer, commented:"Kering delivered a sound performance in the first half of 2014, with revenue up 4% and improved recurring operating margin on a comparable basis. The Luxury activities reported further sales growth, driven by a solid performance from directly operated stores, and their recurring operating income rose in the period. At the same time, the Sport & Lifestyle activities posted higher comparable sales - an encouraging trend as Puma’s ambitious relaunch is proceeding according to plan. Our overall performance during the period confirms the strength, appeal and strategic coherence of our brands. In an unsettled operating environment, we are pursuing the implementation of our strategy, all the while keeping tight control over costs and safeguarding our gross margins. This enables us to anticipate an improvement in our operating performance in the second half of the year."
A world leader in apparel and accessories, Kering develops an ensemble of powerful Luxury and Sport & Lifestyle brands: Gucci, Bottega Veneta, Saint Laurent, Alexander McQueen, Balenciaga, Brioni, Christopher Kane, McQ, Stella McCartney, Tomas Maier, Sergio Rossi, Boucheron, Dodo, Girard-Perregaux, JeanRichard, Pomellato, Qeelin, Puma, Volcom, Cobra, Electric and Tretorn. By ‘empowering imagination’ in the fullest sense, Kering encourages its brands to reach their potential, in the most sustainable manner.
Present in more than 120 countries, the Group generated revenues of €9.7 billion in 2013 and had more than 35,000 employees at year end. The Kering (previously PPR) share is listed on Euronext Paris (FR 0000121485, KER.PA, KER.FP).
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