(Boursier.com) — Kering gains another 1% this Friday to 670 euros, still boosted by a very good performance in the fourth quarter: Over the period, the luxury group recorded internal growth of 31.9% with revenues of 5.4 billion euros . The organic growth of Gucci, the company’s flagship brand, notably reached 31.6%, where the market expected 18%, after rising only 3.8% in the third quarter due to the resurgence of the COVID-19 outbreak in Asia. Yves Saint Laurent also had an excellent quarter with growth of 47%, well above analysts’ expectations.
For the full year 2021, Kering recorded record sales of 17.64 billion euros, up 35.2% like-for-like, while its current operating income also reached an unprecedented level , to 5.02 billion (+60%), showing a margin of 28.4%.
Kering did not give forecasts for the 2022 financial year but said it was “perfectly positioned” to benefit from the recovery and confident in its medium and long-term growth potential…
Among the latest brokers’ opinions, Credit Suisse has revalued the title from 775 to 825 euros while remaining to ‘outperform’, Bryan Garnier has also revalued the title from 828 to 850 euros (‘buy’) and Invest Securities has raised the cursor from 658 to 673 euros while remaining ‘neutral’. Gucci’s revenue growth “is important because it breaks a few quarters of poor performance against its peers,” Sanford C. Bernstein said. It’s also important from an action perspective, as many people expected the new Aria collection and the House of Gucci movie to boost sales in the 2nd half of 2021, it’s “mission accomplished”. …
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