Kering revenue €3.57bn as Gucci, Saint Laurent shine

François-Henri Pinault

French luxury goods group Kering said its consolidated revenue rose 28.6% on a comparable basis in the first quarter, with comparable sales its Gucci business up 48.3% and revenue at Yves Saint Laurent up 33.4%.

Total first-quarter revenue for the group was €3.57 billion.

Kering chairman and chief executive officer François-Henri Pinault said: “Kering achieved a record performance in the first three months of the year, posting a sharp acceleration in sales growth.

“Benefitting from somewhat more favorable market conditions, our strong delivery primarily stems from meticulous execution of our strategy and the creative audacity of our Houses.

“In a climate of persistent geopolitical and macroeconomic uncertainties, our first quarter puts us in a particularly good position for the balance of the year.”

Revenue at Puma was up 15.3% on a comparable basis.

“Revenue generated by luxury activities totalled €2,417.1 million in the first quarter of 2017, up by a sharp 34.0% as reported and 31.6% on a comparable basis, against a favourable base of comparison,” said the company.

“Sales growth in the group’s directly operated store network was particularly high, at 36.6% on a comparable basis, driven by remarkable performances in Western Europe and the Asia Pacific region, which reported retail sales increases on a comparable basis of 49.9% and 46.7%, respectively.

“Growth in retail sales was also significant in North America and the Rest of the World, up 29.7% and 28.1%, respectively, on a comparable basis.

“Online sales leapt 60.1% on a comparable basis, underscoring the success of the digital strategies implemented by Kering’s Luxury Houses.

“Wholesale revenue climbed 20.2% on a comparable basis.”