• Q3 sales drop 8% to EUR4.6bn
  • Puma sales down 9.8% to EUR673.4m
  • Gucci Group fell 10% to EUR819m

French fashion group PPR today (21 October) blamed a "lackluster macroeconomic environment" for an 8% drop in third quarter sales.

PPR, which owns the Gucci brand, saw sales drop to EUR4.6bn during the period, as retailers cut inventories amid the slowdown in consumer spending.

François-Henri Pinault, chairman and CEO, also said the figures were hit by comparisons with high numbers last year and, a drop in tourism and wholesale activity in the luxury goods market.

The only sales uptick across PPR's brand portfolio was at the Fnac electronics, books and CD chain, whose third quarter sales increased 0.5%.

For the nine months to 30 September, sales slipped 6.6% to EUR13.8bn (US$20.6bn), the company said.

Sales at German sporting goods company Puma AG fell 5.9% to EUR1.97bn during the nine-months, while revenues at Gucci Group also fell 5.9% to EUR2.46bn.

"In luxury, the resilience of our network of directly operated stores underscores the strength of our brands, notably in emerging countries, where we are focusing our growth," Pinault said.

Click here to view PPR's full third quarter financial results statement.