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PPR's profits soar 162% in first half

French luxury goods group PPR saw its pre-tax profits rocket 162% to €593.8m (£495.1m) for the six months to June 30, fuelled by a strong international and online sales.

PPR’s revenue rose 3.6% over the period to €8.1bn (£6.8bn), boosted by a standout performance from its Gucci Group brands.

Sales across the Gucci Group, which includes the Gucci, Yves Saint Laurent and Alexander McQueen brands, were up 11.1% over the period.

PPR said its EBITDA for the period rose 14.1% to €895m (£746m).

The group said it is becoming less dependent on European revenue, with sales outside the euro zone up 8.9% over the six-month period to account for 40.3% of total group revenue.

Its sales in emerging markets rose 11.3% on a like-for-like basis, while comparable online sales were up 13.2%.

PPR chairman and chief executive François-Henri Pinault said: “The vigorous initiatives we have adopted from the onset of the crisis to maintain our competitiveness, and the sales offensives we have since launched, enable us today to benefit from the early impact of the worldwide recovery.

“Sales growth gained further momentum in the second quarter, fuelled by the success of our brands and retail concepts on the web and in international markets, where we are durably strengthening our positions.

He added: “We have also bolstered the profitability of each of our activities in the first half. Our prospects for the short and medium
term are good. Our sales momentum will continue to bear fruit and we maintain disciplined management efforts.”

 

 

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