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Kering revenue rises, while net profit falls

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Christian 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
Kering reported fourth quarter revenue of 4.36 billion euros ($4.76 billion), up 11% on a comparable basis and bringing revenue for the year up to EUR15.88 billion, in line with analysts’ expectations of EUR15.8 billion.

Topics: Kering

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.