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updated: 2/21/2014 7:11 AM

Gucci owner Kering profit nearly wiped out in '13

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Associated Press

PARIS -- Kering, the corporate parent behind Saint Laurent couture and Puma streetwear, says profits were nearly wiped out last year by costs associated with disposing of its retail chains Fnac and Redcats.

The company, known until last year as PPR, reported net profit of only 50 million euros ($69 million) last year, down from 1 billion euros in 2012.

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The name change is part of the group's plan to focus on high-end fashion and trendy sports brands. It owns the Gucci and Stella McCartney brands as well as surf- and skate- fashion house Volcom.

Kering lost over 800 million euros in 2013 through the sale of home electronics retailer Fnac and other costs of separating itself from Redcats.

It forecast growth in revenue and recurring operating profit in 2014.

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