Kering Sa · EURONEXT:KER
Kering Sa — Q1 2010 Earnings Presentation
13 slides from Kering Sa's earnings presentation, Apr 28, 2010
Slide 1: Q1 2010 Sales Conference Call
An adventure of enterprise Q1 2010 Sales Conference Call April 28, 2010
Slide 2: Disclaimer
Disclaimer This presentation does not constitute an offer of securities for sale in the United States of America or any other jurisdiction. Certain information contained in this document may include notably projections and forecasts. They express objectives based on current assessments and estimates
Slide 3: Sharp sequential sales improvements across the board
Sharp sequential sales improvements across the board Reported Comparable (Sales in €M) Q1 2010 change change (1) Fnac 982 +2.4% +1.6% Redcats 844 - 2.6% - 0.5% Conforama 730 +2.9% +2.6% Puma 683 -2.1% -2.7% Gucci Group 895 + 4.7% + 6.1% Other & inter-company (5) ns ns PPR - Continuing operations 4,1
Slide 4: Mild recovery in France & solid upturn abroad
Mild recovery in France & solid upturn abroad Q1’10 sales: €982M +1.6% comparable; +2.4% reported Other Revenues in France down 0.6% 4% Home Technical products up 2%, outperforming +1.2% electronics Books & market, fueled by personal computing stationery 53% Editorial products down 3% 19% +4.9% Onli
Slide 5: Major trend upswing fueled by La Redoute
Major trend upswing fueled by La Redoute Q1’10 sales: €844M -0.5% comparable; -2.6% reported ROW 14% Solid growth in online activities, up 12% to France +1.7% 51% of total sales, +640bp vs. Q1’09 45% -1.3% La Redoute turnaround strategy starting to US pay off 31% Stable sales in France, reflecting s
Slide 6: Turnaround confirmed
Turnaround confirmed Q1’10 sales: €730M +2.6% comparable; +2.9% reported Decorative items 10% Best quarterly performance in 2 years, +2.8% Furniture improving trends month after month 49% France up 3% with market share gains in all +4.1% product categories Improving product mix: furniture up 3% & de
Slide 7: Challenging as expected
Challenging as expected Q1’10 sales: €683M -2.7% comparable; -2.1% reported Accessories 11% Retail down 6% impacted by store closings, -1.6% wholesale down 2% Footwear Revenue drop shrinking month after month Apparel 33% 56% Sharp rebound in Americas, up 10%, on +1.2% -5.1% robust Footwear performan
Slide 8: Starting the year on brisk retail boost
Starting the year on brisk retail boost Q1’10 sales: €895M +6.1% comparable; +4.7% reported Significant sequential sales improvements across all brands Robust retail sales, up 9% – Flat wholesale with very promising order book for Fall/Winter collections Emerging regions still driving growth, up 15%
Slide 9: Solid Retail, Wholesale ready to rebound
Solid Retail, Wholesale ready to rebound Q1’10 sales: €589M +5.3% comparable; +3.8% reported Global implementation of fine-tuning strategy yielding good results, excellent customer acceptance Successful launch of “Forever now” worldwide ad campaign highlighting the house’s artisanal heritage Solid p
Slide 10: In top shape
In top shape Q1’10 sales: €114M +11.0% comparable; +9.5% reported Excellent DOS sales up 15% - Wholesale stable Very encouraging take-up for Fall/Winter collection, up double-digit All regions up double-digit except Japan – Emerging countries up 16% (35% of sales) & mature countries up 9% Asia-Pacif
Slide 11: Retail up sharply, on outstanding leather goods growth
Retail up sharply, on outstanding leather goods growth Q1’10 sales: €59M -0.7% comparable; -1.7% reported Strong recovery in DOS sales, up 12% Positive growth in all regions including Japan Wholesale down 19% but Fall/Winter selling campaigns very promising, up double-digit Royalties from fragrance
Slide 12: Other brands: Q1'10 sales €134M
Q1’10 sales: €134M +8.9% comparable; +7.6% reported Balenciaga: up double digit, thanks to resounding success and visibility of Spring/Summer 2010 collection and launch of first Balenciaga women’s fragrance Boucheron: very good performance in Jewelry and Watches; Cirque du Soleil collection very wel
Slide 13: A solid platform for full-year growth
A solid platform for full-year growth Retail Outperformance in most segments driving top-line momentum Full-year impact of 2009 cost-control & restructuring programs in 2010 Lifestyle Rebound expected in H2 on strength of Footwear & Apparel order book Cost-savings programs to boost margins throughou