Kering Group, previously PPR, delivered a solid first-half in 2013.
30 Jul. 2013
Kering Group with solid first-half performanceKering Group, previously PPR and mother of brands such as Puma, Volcom, Christopher Kane, Stella McCartney and Gucci, delivered a solid first-half in 2013. Kering's revenue from continuing operations for the first half of 2013 amounted to €4,678 million, up 1.4% over the first half of 2012 as reported and 4.2% based on a comparable Group structure and exchange rates. The group recorded revenue growth of 3.3% on a comparable basis in the first quarter of 2013 and 5.2% in the second quarter.
Revenue generated outside the Eurozone rose 6.3% in the first half of 2013 (based on comparable data) and accounted for 79% of the group total, versus 78% in the first half of 2012 (on a comparable basis). Sales in France represented 5.4% of the Group's total revenue in the first half of 2013.
Kering pursued its strategy of expanding in emerging markets where revenue registered further growth. Revenue generated by the Group’s luxury and sport & lifestyle brands in emerging markets rose 4.5% on a comparable basis, and accounted for 39% of total revenue for the period, representing a 10 basis-point increase over the first-half 2012 level based on comparable data. During the first six months of 2013, the Group's brands also posted a steady rise in revenue in mature markets, up 4.1% year on year (based on comparable data).
In the first six months of 2013, Kering's recurring operating income amounted to €843 million, up 2.3% on the equivalent period of 2012. This performance helped drive up the Group's recurring operating margin by 10 basis points to 18%.
At €983 million, EBITDA for the first six months of 2013 was 2.9% higher than in the first half of 2012 on a reported basis. This led to a 30 basis-point improvement in the EBITDA margin to 21%.
The Group's other non-recurring operating income and expenses consist of unusual items that could distort the assessment of each brand’s economic performance. In the first half of 2013, this item represented a net expense of €25 million and primarily included €8 million in exceptional asset write-downs and €8 million in restructuring costs.
On March 22nd, 2013, the Group announced its decision to change its name to "Kering" to better reflect its new identity. This name change was approved at the Annual General Meeting of June 18th, 2013. The Group was renamed, among other things, because the company Printemps ceased to be part of the Group PPR (Pinault-Printemps-Redoute), since 2006.
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