BUSINESS: Financial Kering Eyewear Sales for Fiscal 2022 Exceed €1.0 Billion, Per Kering Group Year-End Report By Staff Thursday, February 16, 2023 12:21 AM PARIS—Kering Group, which includes Kering Eyewear, reported a strong Group performance for the fourth quarter and fiscal year 2022, noting substantial increases on the top lines for its Kering Eyewear business. Kering Group's overall revenues exceeded €20 billion in 2022, an increase of 15 percent as reported and 9 percent on a comparable basis. Revenue from Kering's own directly operated retail network, which includes e-commerce sites, rose 10 percent on a comparable basis in 2022, driven in particular by Western Europe and Japan. In Kering Group's fourth quarter of 2022, total sales were down 2 percent year-on-year as reported and 7 percent on a comparable basis, with mixed performances across Houses and regions. All Kering Group activities contributed to the 11 percent rise in recurring operating income, which reached €5.6 billion. Recurring operating margin was 27.5 percent. Net profit attributable to the Group amounted to €3.6 billion, up 14 percent while free cash flow from operations remained high, at over €3.2 billion.Kering Eyewear’s 2022 revenue broke through the billion-euro mark (up 58 percent as reported and up 27 percent on a comparable basis) to €1.1 billion, the company stated, "confirming the validity of its strategy and boosted by the contributions of Lindberg and Maui Jim. This excellent performance was confirmed in the fourth quarter of 2022, with revenue up 30 percent on a comparable basis."Kering Eyewear’s 2022 recurring operating income was €203 million, 2.5 times the 2021 level, the report noted. After deduction of corporate costs, the 2022 recurring operating income of the Kering Eyewear and Corporate segment of the Kering Group amounted to a negative €88 million, a material improvement compared to 2021's negative €164 million. "All our Houses posted record revenues and contributed to higher operating income in 2022. But these good performances were not uniformly up to our ambitions and potential. Beyond the challenges some of our Houses faced, notably towards the end of the year, we are convinced that we are pursuing the right strategy for the long term. Our 47,000 people share a strong entrepreneurial culture as well as values of responsibility and engagement. Together, we nurture the desirability and exclusivity of our brands, so they all achieve market positions commensurate with their unique heritage and recognized creativity. In an environment that remains uncertain, I have no doubt that 2023 will be another year of success for our Houses and of growth for our Group," stated François-Henri Pinault, chairman and CEO.