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Kering profit misses consensus by 23.6% in H2

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Kering profit misses consensus by 23.6% in H2

Kering SA said its second-half normalized net income amounted to €3.68 per share, compared with the S&P Capital IQ consensus estimate of €4.81 per share.

EPS declined year over year from €3.75.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €463.5 million, a decrease from €472.4 million in the prior-year period.

Total revenue increased 14.0% on an annual basis to €6.07 billion from €5.33 billion, and total operating expenses rose 16.0% on an annual basis to €5.20 billion from €4.48 billion.

Reported net income declined 51.9% on an annual basis to €221.8 million, or €1.76 per share, from €460.9 million, or €3.66 per share.

For the year, the company's normalized net income totaled €6.72 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of €8.72.

EPS declined 5.8% from €7.14 in the prior year.

Normalized net income was €846.9 million, a decrease of 5.8% from €898.8 million in the prior year.

Full-year total revenue grew 15.4% year over year to €11.58 billion from €10.04 billion, and total operating expenses rose 18.7% on an annual basis to €9.94 billion from €8.37 billion.

The company said reported net income fell 35.0% on an annual basis to €655.2 million, or €5.20 per share, in the full year, from €1.01 billion, or €8.00 per share.