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7/28, 5:49 PM (Source: TeleTrader)
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Kering's H1 revenue drops 29.6% YoY to €5.38B

Luxury group Kering SA announced on Tuesday that its revenue for the first half of fiscal 2020 landed at €5.38 billion, plunging 29.6% compared to the same period last year. Gucci saw the largest drop in revenue among Kering's fashion houses, falling 33.5% on an annual basis to €3.07 billion.

Meanwhile, recurring operating income stood at €952.4 million, slumping 27.7% annually in the first half. Net income dipped 53% to €272.6 million in the same period, translating to earnings per share of €2.18.

"Our results today underscore the extent of the disruption exacted by the pandemic on our operations. Even more importantly, the resilience of our performances validates our model and supports our confidence that we will come out of this crisis even stronger," the company's CEO Francois-Henri Pinault said in a statement, adding "the first half of 2020 has been the toughest period" Kering has faced.

Breaking the News / GA