Second quarter comparable consolidated growth of the company was 24.6 per cent, extending the strong momentum of the first quarter, up 28.6 per cent comparable. Significant improvement was also recorded in operating margin, up 330 basis points on a comparable basis. Two-fold increase as witnessed in free cash flow from operations in the first six months, to €717.9 million.
Sustained growth momentum at Gucci and Saint Laurent, both in revenue, up 43.4 per cent and 28.5 per cent, respectively, on a comparable basis and recurring operating margin was 32 per cent and 23 per cent, respectively, said the company in a press release. Bottega Veneta witnessed a solid six-month performance, with comparable revenue up 2 per cent. Other Luxury brands went up 10.1 per cent on a comparable basis.
The half-year revenue of sport and lifestyle brands of the company reached €2 billion mark for the first time ever. Sharp growth was witnessed at Puma, up 15.7 per cent comparable across all product categories and regions, coupled with a two-fold increase in recurring operating income. Sport and lifestyle recurring operating income up 128.7 per cent to €110 million.
Revenue for the first half of 2017 amounted to €7,296.2 million, up a sharp 28.2 per cent as reported and 26.5 per cent 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 per cent in Western Europe and 34.4 per cent in Asia Pacific (32 per cent and 28 per cent of consolidated revenue, respectively).
North America (21 per cent of revenue) also posted a robust 20.7 per cent increase in comparable revenue, while Japan (9 per cent of revenue) continued on its growth trajectory, up 6.4 per cent. Kering’s gross margin for the first half of 2017 stood at €4,725 million, up 31.2 per cent as reported.
The Group’s recurring operating income surged 57.1 per cent as reported to €1,274.1 million during the period. Consolidated recurring operating margin came in at 17.5 per cent, up 330 basis points.
EBITDA totalled €1,526 million in the first half of 2017, up 51 per cent compared with the prior-year period. The EBITDA margin rose by 310 basis points on a reported basis to 20.9 per cent in the first half of 2017.
The Group’s net income share totalled €825.8 million in the first six months of 2017, up from €464.9 million in the same period of 2016. Its earnings per share amounted to €6.55 in the first half of 2017, up 77.5 per cent compared with the prior-year period. (KD)
Fibre2Fashion News Desk – India
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