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Profits rise at PPR

Luxury group PPR reported sales growth of 11.8% to €9.58 billion (£7.7bn) for the half year to June 30.

EBITDA at the group, which includes Gucci and Puma, was up 22% to €942 million (£759m) with net profit reaching €779m (£628m), more than double last year's first half figure of €323m (£260m).

Net profit from continuing operations was up 17.3% to €344m (£277m).

The group said that it was confident in its outlook for the second half of 2008 and stood by its objectives for growth and improved financial performance for 2008.

Chairman Francois-Henri Pinault said: "Our solid performance in the first half can be attributed to the favourable balance of our group profile and the strength of our global brands."

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