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PARIS—Kering Group (PARIS: KER), the global luxury group overseeing fashion brands Gucci and Saint Laurent, among others, reported overall consolidated revenue for the first six months of the 2020 fiscal year of €5,378.3 million, down 29.6 percent as reported and 30.1 percent on a comparable basis. The company also reported net income for the Group of €272.6 million and recurring net income for the Group of €569.3 million.The impact of the coronavirus pandemic was pronounced in the second quarter of the year, the company said, reflecting consolidated revenue of €2,175.1 million in the second quarter, down 43.5 percent as reported and 43.7 percent on a comparable basis.

The company stated, "After an excellent start to the year, a first half was heavily impacted by store closings and a halt to tourism. We saw an encouraging recovery as stores reopened, particularly in the Asia-Pacific region, led by Mainland China. and there was a sharp acceleration of online sales, up 47.2 percent in the first six months of the year and up 72.4 percent in the second quarter." The company noted its profitability was "resilient, thanks to adjustment of the Group’s cost base, ongoing investment to bolster the market positions of the Group’s Houses and prepare for the future."

Reported within the luxury group's "corporate and other" segment, Kering Eyewear posted revenue of €242.6 million in the first half of 2020, down 24.4 percent as reported and 24.9 percent on a comparable basis for the six months. Its contribution to Group's first-half consolidated revenue totaled €192.1 million (after elimination of intra-group sales and royalties paid to the Group’s brands), representing a 26.6 percent year-on-year decrease, Kering reported.

"After a solid start to the year for Kering Eyewear," the company noted that revenue declined 49.3 percent on a comparable basis in the second quarter, "heavily impacted by store closures, notably in travel retail." Recurring operating income of Kering Eyewear remained positive in the first half. Overall, net costs of the “Corporate and other” segment for the first six months of 2020 totaled €110.6 million, an improvement of €6.7 million versus the first half of 2019.

Stated François-Henri Pinault, Kering Group chairman and CEO, “It is fair to say that the first half of 2020 has been the toughest period we have faced—we stand in solidarity with all who are suffering through this situation and acknowledge the remarkable contribution of all our associates. Our results today underscore the extent of the disruption exacted by the pandemic on our operations.

"Even more importantly, the resilience of our performances validates our model and supports our confidence that we will come out of this crisis even stronger. We entered 2020 in a particularly solid position—our global scale, the desirability and agility of our brands, and our values of sustainability and responsibility, all are key assets in weathering current conditions. Our strategic vision is only reinforced by the crisis and, with the benefit of our sound financials, innovativeness and digital expertise, we are pursuing its implementation with consistency and determination,” he said.