Record growth in revenue and profits in first half 2017


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    Record growth in revenue and profits in first half 2017


    First-half consolidated revenue: €7,296.2 million,


    up 28.2% as reported, 26.5% on a comparable basis


    Luxury activities: up 29.7% as reported, 28.3% on a comparable basis


    Sport & Lifestyle activities: up 16.1% as reported, 14.3% on a comparable basis


    Recurring operating income: €1,274.1 million, up 57.1%


    Sharp rise in operating margin: 17.5%


    Net income, Group share: up 77.6%


    “Thanks to the execution of our strategy, we achieved outstanding revenue growth in the first half, clearly outperforming the sector, and delivered record profits and operating margins. These remarkable performances in all regions of the world and across all of our activities underscore Kering's ability to innovate, create value, and gain market share. Our vision of Luxury, grounded in creative audacity and in the sincerity of our brands’ values, is more relevant than ever. This excellent first half raises our confidence in the Group’s capacity to realize another year of growth and improved operating performances.”


    François-Henri Pinault, Chairman and Chief Executive Officer


    Record half-year performance


    Second-quarter comparable consolidated growth of 24.6% extending the strong momentum of the first quarter, up 28.6% comparable


    Significant improvement in operating margin, up 330 basis points on a comparable basis


    Two-fold increase in free cash flow from operations in the first six months, to €717.9 million


    Luxury: remarkable growth in revenue and earnings


    Sustained growth momentum at Gucci and Saint Laurent, both in revenue (up 43.4% and 28.5%, respectively, on a comparable basis) and recurring operating margin (32.0% and 23.0%, respectively)


    Solid six-month performance from Bottega Veneta, with comparable revenue up 2.0%


    Other Luxury brands up 10.1% comparable; acceleration at Balenciaga


    Recurring operating income up 49.4% to €1,254.2 million


    Sport & Lifestyle: robust growth


    Half-year revenue above the €2 billion mark for the first time ever


    Sharp growth at Puma (up 15.7% comparable) across all product categories and regions, coupled with a two-fold increase in recurring operating income


    Sport & Lifestyle recurring operating income up 128.7% to €110.0 million


    Key financial indicators


    Revenue for the first half of 2017 amounted to €7,296.2 million, up a sharp 28.2% as reported and 26.5% based on a comparable Group structure and exchange rates. This performance was driven by extremely strong sales growth in both mature and emerging markets, with comparable increases of 33.5% in Western Europe and 34.4% in Asia Pacific (32% and 28% of consolidated revenue, respectively). North America (21% of revenue) also posted a robust 20.7% increase in comparable revenue, while Japan (9% of revenue) continued on its growth trajectory, up 6.4%. Kering Eyewear contributed €162 million to consolidated revenue during the period, after eliminating intra-group sales and royalties paid to the brands.


    Kering’s gross margin for the first half of 2017 stood at €4,725 million, up 31.2% as reported.


    The Group’s recurring operating income surged 57.1% as reported to €1,274.1 million during the period. Consolidated recurring operating margin came in at 17.5%, up 330 basis points. By activity, recurring operating margin was 24.9% in Luxury and 5.3% in Sport & Lifestyle.


    EBITDA(1) totalled €1,526.0 million in the first half of 2017, up 51.0% compared with the prior-year period. The EBITDA margin rose by 310 basis points on a reported basis to 20.9% in the first half of 2017.


    Net income, Group share totalled €825.8 million in the first six months of 2017, up from €464.9 million in the same period of 2016. Adjusted for non-recurring items net of tax, net income from continuing operations, Group share rose 67.4% year on year to €872.3 million. Earnings per share amounted to €6.55 in the first half of 2017, up 77.5% compared with the prior-year period.


    (1)EBITDA corresponds to recurring operating income plus net recurring charges to depreciation, amortisation and provisions on non-current operating assets. See figures in the consolidated financial statements in the 2017 First-Half Report.


    About Kering


    A global Luxury group, Kering develops an ensemble of luxury houses in fashion, leather goods, jewelry and watches: Gucci, Bottega Veneta, Saint Laurent, Alexander McQueen, Balenciaga, Brioni, Christopher Kane, McQ, Stella McCartney, Tomas Maier, Boucheron, Dodo, Girard-Perregaux, Pomellato, Qeelin and Ulysse Nardin. Kering is also developing the Sport & Lifestyle brands Puma, Volcom and Cobra. By ‘empowering imagination’, Kering encourages its brands to reach their potential, in the most sustainable manner. The Group generated revenue of €12.385 billion in 2016 and had more than 40,000 employees at year end. The Kering share is listed on Euronext Paris (FR 0000121485, KER.PA, KER.FP).






    Emilie Gargatte +33 (0)1 45 64 61 20


    Astrid Wernert +33 (0)1 45 64 61 57




    Claire Roblet +33 (0)1 45 64 61 49



    Twitter: @KeringGroup


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    Download the press release (.pdf 617.31 KB)