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Kering (ENXTPA: KER) FY16 Results: Strongest Revenue Increase in Last Five Years

Executive Summary

  • French luxury group Kering reported FY16 revenue of €12.4 billion, up 6.9% year over year and above the analyst consensus estimate of €12.3 billion. At constant currency, revenues increased 8.1% year over year.
  • FY16 gross margin expanded by 180bps year over year and operating margin expanded by 100bps to 15.2%. FY16 EPS of €10.17 increased 26% year over year and beat the analyst consensus estimate of €9.93.
  • The impressive FY16 revenue results reflect a sharp acceleration in performance in 2H16. Both the luxury and sport & lifestyle divisions showed strong sales momentum, propelled by remarkable revenue gains at Gucci, Yves Saint Laurent and Puma.

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