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Kering Delivers Strongest Annual Growth in Five Years

Kering shares surged to the top of the CAC 40 on Friday after Gucci and Saint Laurent sales helped deliver its strongest annual growth in five years.

Kering (PPRUY)  shares surged to the top of Paris' benchmark stock index on Friday after Gucci and Saint Laurent sales helped deliver its strongest annual growth in five years.

The French luxury group said like-for-like sales growth increased by 8.1% in 2016 to €12.4 billion ($13.2 billion), with a 10.5% second-half performance. That helped lift full-year operating profit to €1.89 billion, a 14.5% improvement from last year. Growth was underpinned by its luxury division, with Gucci reporting an increase in like-for-like sales of 12.7% and Saint Laurent experiencing a 25.5% increase in comparable sales.