François-Henri Pinault, Kering's Chairman and Chief Executive Officer, commented:
"The dynamic sales growth and increase in operating income of the Group's Luxury activities confirm the relevance of our multi-brand model and demonstrate our ability to unlock the potential of each our brands, exploit their complementarity, and nurture their development.
The transformations carried out in 2014 from both an organisational and operational standpoint have allowed us to step up our responsiveness, and achieve a greater degree of integration and specialisation of our activities. The Group's unique characteristics, as expressed in its strategic vision and management culture, are a key asset to deliver organic growth, our number one priority in 2015, in a macroeconomic and currency environment which remains unsettled. I am confident in the Group's ability to achieve sustainable profitable growth while focusing in the shorter term on our brands' cash flow generation.”
"The dynamic sales growth and increase in operating income of the Group's Luxury activities confirm the relevance of our multi-brand model and demonstrate our ability to unlock the potential of each our brands, exploit their complementarity, and nurture their development.
The transformations carried out in 2014 from both an organisational and operational standpoint have allowed us to step up our responsiveness, and achieve a greater degree of integration and specialisation of our activities. The Group's unique characteristics, as expressed in its strategic vision and management culture, are a key asset to deliver organic growth, our number one priority in 2015, in a macroeconomic and currency environment which remains unsettled. I am confident in the Group's ability to achieve sustainable profitable growth while focusing in the shorter term on our brands' cash flow generation.”
Consolidated revenue
€10,038 million, up 4.5% on a comparable basis
Luxury Activities: €6,759 million, up 4.9% on a comparable basis
Recurring operating income
€1,664 million, up 3% on a comparable basis
Operating margin of 16.6%
Luxury Activities: €1,666 million, up 5.3% on a comparable basis
Financial position
Net debt of 2.2x EBITDA
Proposed dividend of €4 per share, up 7%
- Sustained, consistent revenue growth throughout the year
- Solid advance in Luxury sales, driven by the directly operated network in mature markets
o New management team in place at Gucci
o Continued strong sales growth at Bottega Veneta
o Yves Saint Laurent revenue doubled over past three years
- Puma sales recovery confirmed
- Sharp increase in free cash flow from operations
- Robust financial position.
€10,038 million, up 4.5% on a comparable basis
Luxury Activities: €6,759 million, up 4.9% on a comparable basis
Recurring operating income
€1,664 million, up 3% on a comparable basis
Operating margin of 16.6%
Luxury Activities: €1,666 million, up 5.3% on a comparable basis
Financial position
Net debt of 2.2x EBITDA
Proposed dividend of €4 per share, up 7%
- Sustained, consistent revenue growth throughout the year
- Solid advance in Luxury sales, driven by the directly operated network in mature markets
o New management team in place at Gucci
o Continued strong sales growth at Bottega Veneta
o Yves Saint Laurent revenue doubled over past three years
- Puma sales recovery confirmed
- Sharp increase in free cash flow from operations
- Robust financial position.
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