Kering H1 Profit Down

(RTTNews) - Kering (PPRUY.PK, PPRUF.PK) Wednesday reported first-half net income attributable to the Group of 1.79 billion euros or 14.59 billion euros, down from 1.99 billion euros or 16.08 euro per share last year.

Excluding non-recurring items, net income from continuing operations attributable to the Group dropped to 1.79 billion euros or 14.62 euro per share from 1.98 billion euro or 15.99 euro per share last year.

First-half revenue rose to 10.14 billion euros from 9.93 billion euros last year.

Among brands, Gucci sales slipped 1 percent to 5.13 billion euros, Yves Saint Laurent gained 6 percent to 1.58 billion euros, Bottega Veneta was stable at 833 million euros, and other houses slipped 5% to 1.86 billion euros.

"In the first half, we pursued our investments in our Houses' desirability and exclusivity. While engaging in critical forward-looking initiatives, we maintained a high level of profitability. We also took some decisive steps to expand our footprint in the luxury universe, notably with the acquisition of the famed Creed fragrance house to accelerate the liftoff of Kering Beauté. 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 François-Henri Pinault, Chairman and Chief Executive Officer.