PPR reports solid results

Luxury group PPR reported solid operating and financial performances with net income up 141%. François-Henri Pinault, Chairman and CEO, commented: “Our solid performances in the first half can be attributed to the favorable balance of our Group profile and the strength of our

global brands. PPR has always been able to take advantage of periods of slower growth and the present case is no exception. We are determined to further improve our commercial effectiveness and optimize our operational structure in order to benefit from a decisive and immediate competitive advantage as soon as there is an upturn in growth.

Specific and quantified action plans are currently being implemented. These underscore PPR’s ability and ambition to intensify its development and profitability ever further. We are confident in the outlook for the second half and stand by our objectives for growth and improved financial performance for 2008.”

Group recurring operating income amounted to €742 million, up 24% compared to the first half of 2007. The recurring operating income margin stood at 7.7%, up 0.7 percentage point compared to June 30, 2007. This substantial increase was primarily driven by growth in recurring operating income from CFAO (+19%), Fnac (+3%) and Gucci Group (+13% in reported terms and +36% at comparable exchange rates). In Luxury Goods, Gucci maintained a very satisfactory level of profitability, with Bottega Veneta recording the strongest growth.

Through its Consumer and Luxury brands, PPR generated sales of EUR 19.1 billion in 2007. The Group is present in 90 countries with approximately 90,000 employees. PPR shares are listed on Euronext Paris. To explore the universe of PPR brands go to www.ppr.com, which includes Gucci, Bottega Veneta, Yves Saint Laurent, Balenciaga, Boucheron, Sergio Rossi, Alexander McQueen and Stella McCartney.

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