Revenues of the French luxury goods group Kering amounted to €5,378 million in the first half, down by 29.6 percent year-on-year on a reported basis and by 30.1 percent on comparable structure and exchange rates due to the impact of the Covid-19 pandemic. The recurring operating income fell by 57.7 percent to €952.4 million, with the margin narrowing to 17.7 percent from 29.5 percent.
Ebitda dropped by 40.4 percent to €1,675 million for the period, with the margin slipping by 5.7 percentage points to 31.1 percent. Net income decreased by 53.0 percent to €272.6 million, while recurring net income was €569.3 million, down by 63.4 percent.
Kering did not release a guidance for the full year due to the lack of visibility regarding it business environment. However, it pointed out that the loss in revenues experienced in the first six months of the year would not be offset in the second half.