Kering posts outstanding 2018 results
On 12 February 2019, Kering announced its results for 2018 with consolidated revenue hitting €13,665.2 million (up 26.3% as reported and 29.4% on a comparable basis).
François-Henri Pinault, Chairman and Chief Executive Officer, commented: “2018 was an excellent year for Kering and its Houses. Once again, we significantly outperformed our sector. In an environment that was generally favorable but grew increasingly complex, Kering generated 2.8 billion euros in incremental revenues and 1.3 billion euros in additional EBIT compared to 2017. Our healthy, balanced and profitable growth reflects skillful execution of our strategy, rigorous financial discipline, and a shared culture emphasizing responsibility and commitment. Having worked throughout the year to strengthen the Group and its brands, we have the ambition and the means to sustain our profitable growth momentum.”
Remarkable increase in recurring operating income up 46.6% to €3,943.8 million
- Sharp rise in recurring operating margin to 28.9%
- Net income, Group share: €3,714.9 million, up 108.1%
- Strong free cash flow from operations: €2,955.2 million
- Recommended ordinary dividend of €10.50 per share
Sustained, profitable growth throughout the year against a very high base of comparison
- Consolidated revenue up 29.4% on a comparable basis to €13,665.2 million, driven by all regions
- Gucci and Saint Laurent continue to deliver exceptional growth (up 36.9% and 18.7% on a comparable basis, respectively)
- Bottega Veneta down 3.4% on a comparable basis, pending the inaugural collections from the new Creative Director
- Very strong momentum at Kering’s Other Houses (up 32.1% on a comparable basis), powered by Balenciaga and Alexander McQueen
- Record-high profitability: recurring operating income doubled over the past two years; sharp rise in recurring operating margin at 28.9%
