PPR, the luxury goods group, saw reported revenues grow 20% to €4.9 billion for the first quarter which equated to a comparable sales rise of 4%.
PPR's Gucci Group posted a comparable revenue rise of 9.6% to €816m (£649.5m) but the Gucci brand itself saw softer growth, up 2.4%. Revenues at Bottega Veneta surged by 31.5% and Yves Saint laurent posted a 20.2% increase in sales.
Puma, PPR's sportswear brand, saw comparable sales up 6.6% for the period but PPR said that the brand was dragged down by economic woes in the US.
Francois-Henri Pinault, chairman and chief executive of PPR, said: "Thanks to its diversified and balanced profile, PPR has begun the year with a solid business performance, in tougher markets. Gucci Group's momentum underscores the success and relevance of the multi-brand strategy implemented by the luxury goods division, even as the Gucci brand itself experienced softer growth. Consumer activities lived up to our expectations with a satisfactory performance. All in all, given our steady revenue momentum, and the group's proven strengths, I remain confident in PPR's ability to deliver another year of growth and enhanced financial performance in 2008."
For a full breakdown of performance across PPR's brands and divisions see the attached document.