2/12/2020, 7:50 AM (Source: TeleTrader)
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Kering's revenue jumps 16.2% to €15.9B in 2019

Luxury group Kering SA said on Wednesday that its revenue in 2019 amounted to €15.9 billion, jumping 16.2% compared to the previous twelve-month period and topping estimates. In the fourth quarter, Kering's revenue grew 13.8% to €4.4 billion, driven by Gucci, whose revenue amounted to €4.2 billion.

Net income in full-fiscal 2019 fell 37% to €2.3 billion, while recurring net income climbed 15% to €3.2 billion. Recurring operating income surged 19.6% year on year to €4.8 billion and EBITDA rose 18.3% to €6 billion.

"Kering delivered another year of sustained profitable growth in 2019, as total revenues significantly exceeded the 15-billion-euro mark and our recurring operating margin topped 30% for the first time ever," CEO Francois-Henri Pinault stated and added that the outbreak of the coronavirus in China caused some uncertainty but insisted Kering is "confident in our growth potential in the medium and long term."

Baha Breaking the News (BBN) / NP