Tough trading conditions in North American continue to impact French retailer Pinault-Printemps-Redoute SA which today said revenue dropped 2.1 per cent in the second quarter.

In a statement, PPR chief executive Serge Weinberg said it was encouraging to note that like for like, second quarter revenue outside North America was up 0.2 per cent, compared with a 0.8 per cent drop in the first quarter.

Weinberg described that as encouraging and evidence of the group's gradual recovery. "It's in line with our targets. The group is performing excellently and will undoubtedly emerge stronger from this difficult period."

PPR, which has a 53.2 per cent stake in Gucci Group NV, said revenue for the second quarter was 6.61 billion euros, down from 6.75 billion euros in absolute terms.