Kering SA (PPRUY) CEO François-Henri Pinault On Q4 2019 Results - Earnings Call Transcript

Feb. 12, 2020 1:37 PM ETKering SA (PPRUY), PPRUF
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Kering SA (OTCPK:PPRUY) Q4 2019 Earnings Conference Call February 12, 2020 2:30 AM ET

Company Participants

Jean-Marc Duplaix - CFO

François-Henri Pinault - Chairman & CEO

Jean-François Palus - Deputy CEO & Director

Conference Call Participants

Edouard Aubin - Morgan Stanley

Antoine Belge - HSBC

Flavio Cereda - Jefferies

Melanie Flouquet - JPMorgan Chase & Co.

Thomas Chauvet - Citigroup

Zuzanna Pusz - UBS Investment Bank

Aurelie Husson - Kepler Cheuvreux

Thierry Cota - Societe Generale


Good morning, ladies and gentlemen, and thank you for standing by. Welcome to today's Kering's 2019 Full Year Results Presentation. [Operator Instructions]. I must advise, your meeting is being recorded today on Wednesday, the 12th of February 2020.

And I would now like to hand the meeting to your host today, Mr. Jean-Marc Duplaix, Chief Financial Officer. Please go ahead, sir.

Jean-Marc Duplaix

Good morning to all of you. This is Jean-Marc Duplaix, Kering's CFO. With François-Henri Pinault, CEO; and Jean-François Palus, Group Managing Director, I would like to welcome you on this call to discuss our 2019 full year results. I will start by sharing some highlights on Slide 4. Our growth trajectory was very sustained once again at both top line and profitability levels.

Revenue first. Sales were up above 16% in reported terms and more than 13% comparable. We generated organically an additional €2.2 billion in revenue to €15.9 billion. By region, Asia Pacific was a key driver, up 20% comparable. Western Europe posted healthy growth, up 14%. In North America and Japan, the pace was more moderate, up 7% and 6%, respectively. Japan was impacted in the last quarter by the VAT hike on October 1.

Second, recurring operating income stood at €4.8 billion, a 20% increase compared to 2018 restated under IFRS 16. You can find reported and restated data in the appendix. Operating

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