Kering revenue rises, while net profit fallsChristian Fernsby ▼ | February 12, 2020
Kering today said its net profit for 2019 fell on one offs, but that its fourth-quarter revenue grew strongly.
Kering Fourth quarter revenue was 4.36 billion euros
Revenue for the year rose 13% on a comparable basis, Kering said.
Net profit for the year fell to EUR2.31 billion from EUR3.71 billion in 2018, in line with analysts’ expectations of EUR2.29 billion, according to a FactSet consensus.
Kering’s earnings last year were boosted by a one off gain from the sale of part of its stake in sportswear maker Puma, while this year, the owner of Gucci and Bottega Veneta was hit by a $1.4 billion tax settlement in Italy. ■