Premier trimestre 2015 Fnac (Kering)
12 pages
English

Premier trimestre 2015 Fnac (Kering)

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Cet ouvrage peut être téléchargé gratuitement
12 pages
English
Cet ouvrage peut être téléchargé gratuitement

Description

F i r s t q u a r t e r r e v e n u e 21 April 2015 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 projections and forecasts. They express objectives based on current assessments and estimates of theGroup’sexecutive management which are subject to numerous factors, risks and uncertainties. Consequently, reported figures and assessments may differ significantly from projected figures. The following factors among others set out in the Reference Document (Document de Référence) filed with the French Financial Markets Authority (Autorité des Marchés Financiers - AMF) on April 1, 2015 which is available onKering’s website at www.kering.comcause actual figures to differ materially from projected figures: any unfavourable development may affecting consumer spending in the activities of the Group in France and abroad, notably for products and services sold by the Luxury Goods and Sport & Lifestyle brands, the events, crises, fears, and resulting costs of complying with environmental, health and safety regulations and all other regulations with which Group companies are required to comply; the competitive situation on each of our markets; exchange rate and other risks related to international activities; risks arising from current or future litigation.

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Publié par
Publié le 22 avril 2015
Nombre de lectures 4
Langue English

Extrait

F i r s t q u a r t e r r e v e n u e
21 April 2015
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 projections and forecasts. They express objectives based on current assessments and estimates of theGroup’sexecutive management which are subject to numerous factors, risks and uncertainties. Consequently, reported figures and assessments may differ significantly from projected figures. The following factors among others set out in the Reference Document (Document de Référence) filed with the French Financial Markets Authority (Autorité des Marchés Financiers - AMF) on April 1, 2015 which is available onKering’s website at www.kering.comcause actual figures to differ materially from projected figures: any unfavourable development may affecting consumer spending in the activities of the Group in France and abroad, notably for products and services sold by the Luxury Goods and Sport & Lifestyle brands, the events, crises, fears, and resulting costs of complying with environmental, health and safety regulations and all other regulations with which Group companies are required to comply; the competitive situation on each of our markets; exchange rate and other risks related to international activities; risks arising from current or future litigation. Kering gives no commitment to updating and/or revising and/or commenting any projections and forecasts, or their impact on the results and perspectives of the Group, which may be contained in this presentation.
The information contained in this document has been selected by theGroup’smanagement to present executive Kering’sfirst quarter 2015 sales. This document has not been independently verified. Kering makes no representation or undertaking as to the accuracy or completeness of such information. None of the Kering or any of its affiliates representatives shall bear any liability (in negligence or otherwise) for any loss arising from any use of this presentation or its contents or otherwise arising in connection with this presentation.
IN NO WAY DOES KERING ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED IN THIS PRESENTATION. READERS ARE ADVISED TO REVIEW THE COMPANY'S REFERENCE DOCUMENT AND THE COMPANY'S APPLICABLE AMF FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISION.
2
Q 1 1 5 r e v e n u e A challenging Q1, trends expected to improve gradually
Revenue inm
Luxury
Sport & Lifestyle
Corporate & others
Kering total
Q1 15 Revenue 1,754
890
7
2,651
Reported +10.9%
+12.7%
n.s
+11.4%
Change (%)
Comparable(*) 2.6%
Positive FX movements a significant boost to reported sales growth Consolidated Group sales nearly flat on a comparable basis Luxury:performances generally not representative, hampered by a disrupted start to the year Retail up 1%, up ca. 3% excluding effect of Japan VAT increase anticipation in Q1 14 Gucci: negative shortterm impact as anticipated, ahead of launch of new Creative vision General market environment not improving in Asia Pacific Sport & Lifestyle: Good start to the year at Puma, in line with revenue guidance
(*) : at constant scope and exchange rates
3
+3.7%
n.s
0.6%
North America: Positive trend confirmed, though at a more moderate pace
Japan: Around 10% growth in January/February; March naturally affected by prebuying ahead of VAT increase last year
Asia Pacific 32%
Japan 11%
Western Europe 30%
North America 19%
Wholesale
Retail
Scope
1,178 DOS as of March 31, 2015
Western Europe: Doubledigit increase, propelled by positive contribution from both tourism and local clientele
Reported sales benefiting from significant FX tailwinds (+11%)
Wholesale: Impacted by disruptive effects across certain brands and categories
Q1 15
11%
Regional revenue breakdown (On total revenue, in %)
+1%
Q 1 2 0 1 5 r e v e n u e : 1 , 7 5 4 M+ 1 0 . 9 % r e p o r t e d ;  2 . 6 % c o m p a r a b l e
Revenue by region and channel (Comparable growth in %)
FX impact
Comparable sales positive in retail (71% of Luxury revenue), with major discrepancies across regions:
Asia Pacific: Increased share of overseas spending and deteriorated situation in HK and Macau weighing on trend
4
Q1 14
Royalties
1,754
1,582
+11%
+2%
Luxury activities
RoW 8%
4%
Q 1 2 0 1 5 r e v e n u e : 8 6 9 M+ 3 . 7 % r e p o r t e d ;  7 . 9 % c o m p a r a b l e
Revenue by region and channel (Comparable growth in %)
838
Q1 14
+6%
Western Europe
Retail (83% of revenue): 4%
0%
North America
9%
Japan
10%
Asia Pacific
+1%
RoW
23%
14%
Wholesale Royalties
869
Q1 15
Regional revenue breakdown (On total revenue, in %)
Asia Pacific 38%
RoW 8%
Japan 11%
Western Europe 23%
A quarter impacted by further headwinds arising from oneoff in Japan and macro elements, ahead of new collections in H2 15
Wholesale:
Deliberate decision to further curb wholesale materially, with Europe representing ca. 2/3 of shortfall
Retail:
Japan comparison base: high singledigit performance through January/February
Asia Pacific suffering from weakness across key markets, apart from South Korea and Australia
Solid trends in Western Europe fuelled by locals and tourists alike; more contrasted start to the year in North America
502 DOS as of March 31, 2015
5
North America 20%
Objectives
Timing and implementation
Objectives
Timing and implementation
Action plans in place to support new momentum
Creative vision
H1 2015
February Women Fashion Show F/W 1516
Rejuvenate the brand with a more contemporary vision: building on the values of the brand, recapturating on fashion authority
June Cruise collection presentation
H2 2015
September End of Q3/ Early Q4 Women Fashion Cruise collection Show S/S 16 progressively in stores
Products and Merchandising
Build a clear message, a more focused and relevant offer for the customers
Introduce new products, discontinue selected lines Reduce number of SKUs Balance price offer range to exploit opportunities, upgrading of GG
H2 2015 Delivery phase
Organization
Simplify and accelerate decisionmaking Increase transversality Seize omnichannel opportunity
Implemented in Q1 2015
Deliver on strategic action plans from H2 onwards
Securing a seamless customer experienceCreation of a unique omnichannel structure: New Chief Merchandising Officer: Merchandising as a key driver Strengthening of WW Retail Team
Distribution
Retail merchandising: be closer to market signals Visual merchanding: a readable message Store network refreshment
Retail merchandising: increase efficiency in merchandising mix by stores / categories / clusters Visual merchandising: guidelines developed by category to convey new brand image Retail network: a « refresh concept » to be applied to ongoing projects and to existing stores H2 2015 Delivery phase
Customers
Achieve excellence in delivering Gucci retail experience to create uplift in sales productivity
Best staff Best support (training) Best tools (BI, CRM, clienteling)
H1 2015
H2 2015 Delivery phase
New communicationto support and convey new brand message, updating all touchpoints (online, offline, in stores)
6
Q 1 2 0 1 5 r e v e n u e : 2 9 0 M+ 1 5 . 6 % r e p o r t e d ; + 3 . 1 % c o m p a r a b l e
Revenue by region and channel (Comparable growth in %)
251
+34%
Retail (83% of revenue): +2%
0%
Q1 14 Western North Europe America
2%
Japan
9%
Asia Pacific
+8%
RoW
+9%
+20%
Wholesale Royalties
290
Q1 15
Positive trends in retail, with contrasted situations across regions
Regional revenue breakdown (On total revenue, in %)
Asia Pacific 42%
RoW 3%
Japan 16%
Buoyant start to the year in Western Europe, propelled by massive tourism flows on the back of weaker EUR
Softer start in North America
Japan high singledigit growth up to beginning of March
Western Europe 26%
North America 13%
Asia Pacific negative on the back of adverse market conditions across most key markets (HK+Macau: 19% of retail sales); solid growth in South Korea, Taiwan and Australia
Sustained trends in Wholesale: +9% comparable; promising developments at leading accounts in North America
238 DOS as of March 31, 2015
7
Retail (64% of revenue): +22%
Reflecting strategy to fuel brand’s longterm growth consistently across channels
Very well balanced development of the brand in both retail and wholesale
+19%
+20%
All categories up double digit across both channels, led by outstanding performance in RTW (+32%, 25% of sales)
Japan 8%
Steady continuation of solid momentum across the brand’s historical markets
128 DOS as of March 31, 2015
8
RoW 7%
Revenue by region and channel (Comparable growth in %)
Western Europe 38%
Asia Pacific 23%
211
11%
+14%
Wholesale Royalties
Regional revenue breakdown (On total revenue, in %)
RoW
Q1 15
Q 1 2 0 1 5 r e v e n u e : 2 1 1 M+ 3 3 . 8 % r e p o r t e d ; + 2 1 . 2 % c o m p a r a b l e
158
+22%
+39%
+29%
North America 24%
Asia Pacific positive, despite slowdown in HK and Macau
Q1 14
Significant outperformance continues, in all regions and product categories
North America
Western Europe
Japan
Asia Pacific
13%
+8%
Japan 9%
Q 1 2 0 1 5 r e v e n u e : 3 8 4 M+ 1 4 . 4 % r e p o r t e d ;  4 . 5 % c o m p a r a b l e
310 DOS as of March 31, 2015
Solid growth at Stella McCartney and Alexander McQueen
Couture and Leather Goods:retail sales up 16%
Watches: on top of strong CHF appreciation, further pressure due to distributor caution
Other luxury brands
335
Royalties
Jewelry: doubledigit decrease at Boucheron as expected following extremely strong Q1 14 (Japan and high jewelry sales); good resilience at Pomellato Group
North America 20%
9
Asia Pacific 18%
RoW 10%
+8%
Watches and Jewelry:headwinds distorting this quarter’s performance
Balenciaga enjoying steady doubledigit sales trend, consistent across retail and wholesale
Regional revenue breakdown (On total revenue, in %)
Western Europe 43%
Q1 15
+7%
384
Revenue by region and channel (Comparable growth in %)
Wholesale
Retail
FX impact
Scope
+12%
Q1 14
Puma 1,386m North America 27%
Positive trends carry on in apparel, despite high comps from Football World Cup deliveries last year
Puma: satisfactory start to the year, in line with fullyear guidance calling for midsingledigit revenue growth
Asia Pacific 15%
8% revenue growth in footwear, driven by
increased visibility and support from distributors
2%
Volcom and Electric: weakness across certain US wholesale accounts, timing of deliveries affecting comparability in Western Europe
RoW
Asia Pacific
Sport & Lifestyle activities
Puma 1,474m
Q1 15
0%
890
790
Japan
Revenue by region (Comparable growth in %)
+17%
0%
Western Europe 30%
Japan 7%
RoW 21%
Regional revenue breakdown (On total revenue, in %)
Q 1 2 0 1 5 r e v e n u e : 8 9 0 M+ 1 2 . 7 % r e p o r t e d ; + 3 . 7 % c o m p a r a b l e
+11%
promising reception of recent footwear launches, especially on Running/Training,
North America
Western Europe
Q1 14
10
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