FRANCE: PPR posts 5.9% first-half profit growth
- First-half net income rose 5.9%
- Revenue from continuing operations up 16.7% to EUR6.4bn
French luxury and retail group PPR has seen its first-half profit rise 5.9% on the back of strong revenue growth in its luxury and sport & lifestyle divisions.
The company said net income rose to EUR477m (US$588m) over the first half, as revenue from continuing operations increased 16.7% to EUR6.4bn. On a comparable basis, revenue was up 18.1%. The luxury and sport & lifestyle divisions reported a combined revenue rise of 25% over the half.
PPR said the core strengths underpinning its "solid results for the first six months of 2012 will continue to propel its performance in the second half of the year".
It expects its luxury division to continue growing, while sport & lifestyle will be impacted in the second-half as Puma steps up the pace of its transformation plan in what it expected to be a deteriorating consumer spending environment in Europe.
"The pace of growth in the sport & lifestyle division picked up in the second quarter, and its profitability should be enhanced once the implementation of Puma's transformation programme has been stepped up," said chairman and CEO François-Henri Pinault.
"Thanks to the power of our brands, the excellence of our products and the drive of our people, we are confident that we will be able to continue growing our revenue in the second half of 2012 and that our full-year financial performance will outstrip that of 2011."
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