U.S. News

France's PPR Says Second-Quarter Sales Gained 18%


French luxury goods and general retailer PPR said Thursday second-quarter sales rose 18%, lifted by the contribution of German sneaker company Puma and high demand for luxury products.

Revenue for the second quarter was 4.79 billion euros ($6.6 billion) 4.06 billion euros in the same period last year, up 5.6% on a like-for-like basis, the company said in a statement.

The performance was just above analysts' expectations. Analysts predicted the company would post 4.72 billion euros in sales, according to a Dow Jones Newswires poll of five analysts.

PPR shares have outperformed the Paris CAC-40 index, rising 16% since the beginning of the year. Shares got a boost from the company's 2006 earnings statement in March, which prompted several analyst upgrades.

PPR announced its 5.3 billion euros public offer for German sportswear company Puma in April. At the end of its public offer in July, PPR owned 62% of Puma.