France : Kering consolidated revenue up 36.5% in Q1 2018

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Kering consolidated revenue up 36.5% in Q1 2018

27
Apr '18

Courtesy: Kering

The consolidated revenue of luxury group Kering for the first quarter of fiscal 2018 grew by a sharp 27.1 per cent as reported and 36.5 per cent on a comparable basis to €3,107.8 million. Buoyed by favourable market conditions, this increase was well balanced across all distribution channels. The company's online sales more than doubled during the quarter.

Gucci had excellent quarter across the board, posting revenue of €1,866.6 million, up 37.9 per cent as reported and 48.7 per cent on a comparable basis. Growth was evenly balanced. Sales in its directly operated stores, where all product categories and nationalities recorded double-digit growth, rose 50.4 per cent on a comparable basis. With revenue of €408.2 million, up 12.0 per cent as reported and 19.6 per cent on a comparable basis, Yves Saint Laurent continued to grow at a fast pace. Bottega Veneta delivered revenue of €261.2 million, down 6.8 per cent as reported and up 0.7 per cent on a comparable basis. Revenue from the Other Houses amounted to €463.3 million, up 31.0 per cent as reported and 37.9 per cent on a comparable basis, with all geographic regions contributing to comparable growth.

"Kering maintained its outstanding sales momentum in the first quarter. Under its new luxury pure player profile, the group clearly outperformed a market that remains well oriented. Gucci, Saint Laurent and Balenciaga set a high mark within a group that delivered sharp growth as a whole. In the balance of the year, we face a high base of comparison and a tough currency environment, but we are confident in the ability of our Houses to continue doing better than their peers, leveraging their innovativeness and creative audacity," François-Henri Pinault, chairman & CEO. (RR)

Fibre2Fashion News Desk – India

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