Retail giant Pinault-Printemps-Redoute SA (PPR) today said its 2001 net profit slipped 1.9 per cent year-on-year, but has already seen an improvement in trade for the first two months of 2002. Difficult economic conditions, particularly in the US, were blamed for a fall in net profit to EUR752.7 million compared with EUR767 million in 2000. In North America, PPR's businesses returned a 29 per cent drop in operating earnings.