FRANCE: Luxury drives PPR Q3 sales growth
French retail group PPR has reported "satisfactory" third-quarter sales growth, helped by rising revenue at its luxury brands.
Sales from continuing operations increased 16.3% to EUR2.6bn (US$3.35bn) during the third quarter. On a like-for-like basis, sales climbed 6.6%.
The luxury division, which includes brands like Gucci, Bottega Veneta and Yves Saint Laurent, saw revenue jump 24.3% with fashion and leather goods up 11%.
Sales increased 31% at Bottega Veneta and 33% at Yves Saint Laurent, while Gucci saw sales climb 16%. Other luxury brands saw sales growth of 45.6%, while on a like-for-like basis, revenue was up 15.5%.
PPR said Gucci sales in Asia-Pacific edged up only 2%, while Western Europe saw sales rise 14% and North America posted an 11% increase.
Bottega Veneta and Yves Saint Laurent saw considerably more sales growth in the Asia-Pacific region.
Meanwhile, PPR's sports & lifestyle division saw sales rise 5% and fall 1.2% on a comparable basis. Revenue at Puma rose 6% and remained flat on a like-for-like basis.
Chairman and CEO François-Henri Pinault said: "PPR has again delivered a highly satisfactory performance overall this quarter with revenue for the luxury and sport & lifestyle divisions climbing 6.6%. The luxury division continues to report outstanding growth propelled by the momentum of our brands across all of the group's regions."
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