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The global fashion business journal

Nov 14, 20191:00pm

Kering sinks its benefit 75% due to the sale of Puma and IFRS 16

Not taking into consideration these extraordinaries, the net income of the French giant scaled 24.7%, up to 1.5 billion euros (1.7 billion dollars).

Jul 25, 2019 — 7:33pm
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Kering sinks its benefit up to 75% due to the sale of Puma and the IFRS 16 agreement

 

 

Kering closes a bittersweet first half of the year. The group, owner of brands such as Gucci and Yves Saint Laurent, has closed its first half with a rise of 18.8% in sales, but with a 75% downfall in its net benefit due to two extraordinaries: the IFRS 16 agreement and the sell of Puma, which generated two extraordinary incomes in the same period last year.

 

The group generated a benefit of 579.7 million euros (646 million dollars) between January and June, compared to 2.3 billion euros (2.5 billion dollars) the same period last year. Without taking into consideration both extraordinaries, income of the group rised 24.7% up to 1.5 billion euros (1.6 billion dollars). 

 

 

 

 

The results of the earning before interest, taxes, depreciation and amortization (ebitda) rose 19.6%, up to 2.8 billion euros (3.1 billion dollars), thanks to the push of Gucci and Yves Saint Laurent.

 

The Italian company continues to be the main push of the group, generating more than half of the group`s results. Yves Saint Laurent increased 20.4% its sales, being the brand with the best performance in the first half of the year. On the other hand, Bottega Veneta was the one with the weakest performance, falling 0.6% compared to the same period last year.  

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