FRANCE: Kering first-quarter revenue edges up
- First quarter revenue grew 1%
- Luxury sales increased 4.5%
- Sport and lifestyle revenue was down 4.9%
French luxury and sportswear group Kering (formerly known as PPR) saw first-quarter revenue edge up 1%, driven by growth in its luxury division.
The company, which is in the process of changing its name from PPR, said revenue also rose 3.1% on a comparable group structure and exchange rate basis.
The group said its luxury division recorded 6.4% sales growth on a comparable basis and 4.5% on a reported basis, with growth in all geographic areas. However, its sport and lifestyle division saw revenue decline 2.5% on a comparable basis, and 4.9% as reported.
"Kering's sales activities since the beginning of 2013 have been powered by our luxury division, which has continued to make headways in all regions of the world," said François-Henri Pinault, Kering chairman and CEO.
"In fashion and leather goods, our robust performance above and beyond the very high base of comparison established last year confirms the tremendous appeal of our brands.
"In a jumpier environment, notably in Europe, sales of our sport and lifestyle division contracted somewhat in the first months of the year. Following the appointment of its new CEO, Björn Gulden, Puma will step up the pace of implementation of its transformation plan.
"In this context, we remain firmly focused on controlling costs and preserving our gross margins. The unique strengths of each of our brands, combined with the energy and imagination of our teams, reinforce our confidence in the future and in our ability to further improve our performances in the full year."
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