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August 1, 2009

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Profit slides at luxury group PPR

RETAIL and luxury group PPR SA yesterday reported a 76 percent drop in earnings for the first half after sales fell at its Conforama furniture stores, FNAC books-to-electronics chain and its Redcats catalog unit.

PPR, owner of the Yves Saint Laurent and Gucci brands, said net profit in the six months through June dropped to 189 million euros (US$265.6 million) from 777 million euros a year earlier, when it made a capital gain on the sale of YSL Beaute cosmetics unit. Net profit from continuing operations fell 19 percent to 281 million euros.

The group did not break out quarterly profit figures.

Revenue fell 4 percent to 9.24 billion euros in the first half of this year.


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