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Puma Stake Buy Boosts PPR's Profit

French fashion-to-furniture retailer PPR said on Friday first-half net profit rose 54%, boosted by its acquisition of a 62% stake in German sportswear maker Puma.

The owner of luxury Gucci Group, furniture chain Conforama and Fnac books and music stores said net profit rose to 303 million euros from 196 million euros, while operating profit rose 40 percent to 630 million euros.

The results were ahead of the average forecasts in a Reuters poll of analysts' expectations for a net profit of 272 million euros and operating profit of 587 million euros.

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