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Kering Profit +7%; Acquires Ulysse Nardin

Jul 30, 2014 3:58 PM   By Jeff Miller
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RAPAPORT... Kering's revenue rose 1.5 percent year on year to $6.4 billion (EUR 4.75 billion) for the first half of the year that ended on June 30. Revenue increased 4 percent based on comparable-exchange-rates. The luxury group segment, which includes Gucci, Boucheron, Bottega Veneta, Saint Laurent and others,  experienced a sales increase of 4.9 percent to $4.3 billion (EUR 3.23 billion), but comparable-store sales increased 5.7 percent.

Kering's net income rose 7 percent to $248 million (EUR 185 million) or EUR 1.47 per share; however, recurring net income from continuing operations fell 4.7 percent to $743 million (EUR 555 million).

Along with reporting its fiscal results, Kering announced that it signed an agreement to acquire Ulysse Nardin. The brand will become part of Kering's luxury, watches and jewelry division, which is headed by Albert Bensoussan. The transaction is subject to the approval of the competition authorities and is expected to complete  during the second half of 2014.

François-Henri Pinault, the chairman and CEO of Kering, said, "The luxury activities reported further sales growth, driven by a solid performance from directly operated stores and their recurring operating income rose in the period. At the same time, the sport and lifestyle activities posted higher comparable sales -- an encouraging trend as Puma’s ambitious relaunch is proceeding according to plan. Our overall performance during the period confirms the strength, appeal and strategic coherence of our brands. In an unsettled operating environment, we are pursuing the implementation of our strategy, all the while keeping tight control over costs and safeguarding our gross margins. This enables us to anticipate an improvement in our operating performance in the second half of the year."

Tags: boucheron, gucci, Jeff Miller, Jewelry, kering, nardin, revenue
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