Kering closed the first half with a turnover up by 49,6%, just over 8 billion euro (+54,1% at comparable rates). This was communicated by the French luxury giant, owner of the Gucci brand among others, specifying that, in comparison with the pre-pandemic 2019 data, revenues show an increase of 8,4% on a comparable basis.
The trend for the period was supported by the doubling of sales in the second quarter of 2021 compared to the same period of 2020. The French group recorded comparable revenues up 95% to 4,16 billion in the three months ended last June (+11% compared same period of 2019). The sales of Gucci, which have exceeded pre-pandemic levels.
Positive performance also of eCommerce, which reports an increase of 97,9%. Geographically, North America scores +263% and Asia-Pacific +53%. Ebitda rose by 76,2% to 2,95 billion, while Ebit went up to 2,2 billion (+134,9%). The net profit reached 1,479 billion (+442,6%), while the recurring net result amounted to 1,477 billion (+159,5%). Record level for free cash flow, which reached 2,35 billion.
Meanwhile, still in the world of luxury, strong sales of shares are recorded in Piazza Affari Moncler, which lose 4,5%, to 57 euros, slipping behind the Ftse Mib (+0,1%). The non-dissemination of the guidance could weigh on the stock, on the occasion of yesterday evening's announcement of the accounts for the first half of 2021, due to the uncertainty linked to the continuation of the Covid-19 pandemic in the current year which "makes it increasingly difficult to make medium-term forecasts”.
However, the numbers for the period January-June 2021 are positive, with consolidated revenues of 621,8 million, up 57% on an annual basis, and a net profit of 58,7 million, with an incidence of 9% compared to a net loss of €31,6 million in the first half of 2020.
After the half-year accounts, SocGen raised the target price of Moncler to 71 euros, RBC to 57 euros and Morgan Stanley to 58 euros. Both profit and revenues were in line with forecasts and during the conference call the company reiterated the positive indications on the performance of the business.
