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Gucci store in Beverly Hills: analysts' expectations exceeded
Photo: MARIO ANZUONI / REUTERS
The French luxury goods company Kering is recovering from the corona pollution at record speed. Thanks to the renewed desire to buy from customers, especially in Asia and North America, the luxury goods manufacturer generated more sales in the first half of the year than before the pandemic, as the group announced in Paris on Tuesday. Strong sales figures for his Italian fashion brand Gucci, but also for Yves Saint Laurent, Bottega and other brands boosted the sales and results of the EuroStoxx-50 company.
Revenues climbed according to the information in the first six months compared to the previous year by almost half to a good eight billion euros, which Kering trumped the average expectations of analysts.
On a comparable basis and adjusted for exchange rate effects, the increase was around 54 percent - and more than eight percent compared to 2019. After growth at the beginning of the year, the growth rate accelerated further in the second quarter, it said.
In terms of earnings, the increases were even more pronounced: Earnings before interest, taxes, depreciation and amortization (Ebitda) climbed by around 76 percent to 2.95 billion euros.
The bottom line was that Kering achieved a profit of almost 1.5 billion euros, more than two and a half times the previous year's figure.
mik / dpa-AFX