KER Kering

By Maitane Sardon

Kering on Thursday posted a rise in second-quarter revenue in line with analysts' expectations.

The French luxury-goods group made a recurring operating profit of 2.74 billion euros ($3.04 billion) in the first half, compared with EUR2.82 billion in the year-earlier period. The operating margin was 27%, while net profit came to EUR1.79 billion, compared with EUR1.99 billion a year ago, Kering said.

Second-quarter sales rose 2% on a comparable basis to EUR5.06 billion, from the EUR4.97 billion booked in the previous quarter, and in line with expectations of EUR5.06 billion, according to a poll of analysts' estimates taken from FactSet.

Revenue from its retail network grew 4% on a comparable basis in the second quarter, with good performances in Asia-Pacific and Japan and solid growth in Western Europe. Meanwhile, sales fell in the U.S., Kering said.

First-half sales came to EUR10.14 billion, up 2% from EUR9.93 billion in last year's first half.

Gucci, which contributes a majority of group revenue, booked a 1% increase in second-quarter sales on a comparable basis, to EUR2.51 billion, Kering said.

"Together with the major organizational changes we announced last week to enhance stewardship of our Houses, as well as the many projects we have already launched over the past few months, the developments of the first half strengthen my confidence in Kering's future prospects," said Chairman and Chief Executive Officer François-Henri Pinault.

Write to Maitane Sardon at maitane.sardon@wsj.com

(END) Dow Jones Newswires

July 27, 2023 12:12 ET (16:12 GMT)

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