By  on February 21, 2014

PARIS — Exiting its last remaining retail businesses weighed heavily on Kering's 2013 results.

The French group, whose stable of brands includes Gucci, Bottega Veneta, Christopher Kane and Puma, reported a 95.2 percent drop in net profit in 2013.

The net totaled 50 million euros, or $66.4 million, versus 1.05 billion euros, or $1.35 billion, the previous year. The decline reflects a net loss of 256 million euros, or $339 million, related to the disposal shares in its books, music and electronics chain Fnac, and a net expense of 562 million euros, or $746 million, related to the catalog retailer Redcats.

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Kering said full-year revenue was largely flat, up 0.1 percent, from 9.74 billion euros, or $12.52 billion, to 9.75 billion euros, or $12.95 billion. Strength in its luxury division — with Saint Laurent revenues surging 17.8 percent last year — was dented by weakness at Puma, the core property in its nascent sport/lifestyle business division.

 

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