PPR 1st Half Net Profit More Than Doubles, Confirms Guidance
Friday August 29th, 2008 / 6h35
PARIS -(Dow Jones)- French luxury and retail company PPR SA (12148.FR) Friday said first-half net profit more than doubled, lifted by the integration of its German sportswear company Puma AG (PUM.XE) and fast sales growth at its African retail business CFAO and luxury division Gucci Group. PPR also confirmed its full-year targets for growth and improved financial performance. It said it is confident about the second half of the year. Net profit for the period ending June 30 was EUR779 million, compared with EUR323 million a year earlier. PPR, home of high-end fashion brands Bottega Veneta and Balenciaga, said operating profit rose 24% to EUR742 million from EUR599 million a year earlier. The company earlier posted a 12% rise in first half revenue to EUR9.58 billion. PPR's share price has shed over 30% since the beginning of the year, a steeper drop than that of the Paris CAC-40 index, which has declined over 20% over the same period. The stock has been hit by concerns that consumer spending will remain weak in the U.S. and Western Europe, where the company sells Puma sneakers, mail-order clothing and books. Company Web Site: www.ppr.com -By Mimosa Spencer, Dow Jones Newswires; +33 1 40 17 17 73; mimosa.spencer@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=zqA%2BjI6lIzdxa%2FbHsvt05w%3D%3D. You can use this link on the day this article is published and the following day.
