Retail group Pinault-Printemps-Redoute SA (PPR) has reported a 12 per cent year-on-year slide in fourth quarter revenue, blaming a weak US dollar and sluggish demand in its native France.

The company, which owns a controlling stake in luxury goods maker Gucci Group NV, also attributed the loss to the absence of sales from operations sold since fourth quarter 2002.

It registered revenue of EUR6.71 billion for the quarter, down from EUR7.64bn in the same period a year earlier.

According to CEO Serge Weinberg, PPR's performance for the three-month period was "robust" in the face of "sluggish household consumption" in France.

He said the company experienced "a marked recovery in luxury goods since the summer following a challenging first half."