PPR Beats Forecasts, Pulled by Luxury Brands
French retail and luxury group PPR on Friday posted forecast-beating first-half sales and profits, pulled by the strong growth of its luxury brands in major markets such as China.
The owner of Fnac retail chain and Yves Saint Laurent and Gucci luxury brands posted recurring operating income of 749 million euros ($1.08 billion) on revenues of 7.22 billion euros for the six months to June 30.
PPR was expected to produce an operating profit of 730 million euros on first-half sales of 7.12 billion euros, based on a Reuters poll of 10 analysts.
PPR, which is holding a press conference later on Friday, will be grilled on progress regarding the disposal of its mail order business Redcats and its interest in acquiring Roman tailor Brioni among other potential targets.