Jul 26, 2007
French luxury goods group PPR says Puma boost sales
Jul 26, 2007
PPR, the French luxury goods empire, said on Thursday, July 26 that second-quarter sales had risen by 18,1 % to 4,793 euros on a 12-month comparison, driven by its acquisition of German sportsgear maker Puma.
Puma 96 Hours
Sales grew by 5,6 % from the equivalent figure last year on a comparable basis, lifted by strong demand for its luxury goods products.
Analysts at Thomson Financial had expected a turnover of 4,438 billion euros.
The Gucci division, which also includes Yves Saint Laurent and other brands, posted sales of 836,5 million euros, up 7,7 % overall and up 13,5 % on a like for like basis.
Sales at the Redcats mass market business, including La Redoute mail order service, fell by 1,4 % to 1,059 billion euros, a 4,2 % like for like drop, "in an environment which remained challenging", PPR said.
PPR shares gained 1,59 % on the results in opening deals on the Paris stock exchange to 132,74 euros, on a market which was 0,29 % higher.
Earlier in July PPR announced it had acquired a stake of 62,1 % in German sportsgear maker Puma following its offer for public shares.
In a surprise announcement in April, PPR said it had agreed to buy a 27 % stake in Puma and launch a full public takeover offer for the rest in a bid that valued the German company at a total 5,3 billion euros.
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