French retailer Pinault-Printemps-Redoute SA on Thursday announced a 5.4 per cent fall in first half net profit amid tough retail conditions but said it was confident profits would rebound in the second half. The company, which has a 53.2 per cent stake in luxury goods giant Gucci Group NV, said first half net profit fell to 283 million euros from 299 million euros in the year-ago period, with revenue down 1.5 per cent to 13.3 billion euros from 13.5 billion euros in 2001.