Luxury growth at PPR
Sales continue improvement for first half 2010
French luxury products group PPR, which owns Gucci and other brands through its subsidiary Gucci group, has posted a rise of 2% in organic sales growth to just over €4bn in first half 2010 with luxury product sector sales alone rising by 10.9% in the first six months, following a Q1 rise of 6%. Gucci brand sales alone went up 9.4%.
PPR's operating profits increased by 20.9% to €708m, reflecting a programme of cost-cutting. Margins rose by 1.2% to 8.7% compared with 7.5% for the same period last year and 8.4% at the end of 2009. Group net earnings soared by 87% to €407m.