Kering Reports 2013 Results: Revenue Up, Luxury Division Profitability Reaches Record High
Kering announced its 2013 results, reporting a 4% increase in revenue on a comparable basis. The Luxury division saw its revenue rise by 7% with a record operating profitability.
Paris – Kering announced its financial results for the year ending December 31, 2013, on Thursday, February 20, 2014. The group reported a 4% increase in revenue on a comparable basis for the full year. This growth was primarily driven by the Luxury division, which saw its revenue climb 7% and achieved a record operating profitability.
The company highlighted that 2013 marked the completion of its transformation, including the adoption of a new identity. François-Henri Pinault, Chairman and CEO, stated that the Luxury division capitalized on the complementarity of its brands and their growth momentum, particularly in directly operated stores. The company views its portfolio of strong brands as well-positioned for future strategy execution.
In contrast, the Sport & Lifestyle division experienced lower results, attributed to major changes underway at Puma. Kering indicated that efforts to rebuild Puma's commercial momentum are in progress. The company expressed confidence in its ability to improve performance in 2014, citing the group's coherent structure and brands with significant organic growth potential.
Kering's portfolio includes well-known luxury brands such as Gucci, Bottega Veneta, and Saint Laurent, alongside its Sport & Lifestyle offerings. The company anticipates further growth in both revenue and recurring operating income in the upcoming fiscal year.