| unlinounreami | Date: Monday, 2013-11-25, 19:49 | Message # 1 |
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Group: Curioso
| Moderate sales growth at luxury group PPR
French highend retailer PPR, which changes its name to Kering in June, says sales expanded by one per-cent in the first quarter, less than expected by analysts.
Sales from the January to March period rose to 2.36 billion euros ($A3.01 billion), a 3.1 per cent rise in liketolike sales, the company said. Analysts polled by Dow Jones Newswires had forecast a 5.1 per cent gain.
PPR claimed it remained certain that it'd meet its 2013 objectives, thanks mostly towards the luxury division, which include brands like Gucci, Bottega Veneta, Yves Saint Laurent and Balenciaga.
Gross luxury division sales grew by 4.5 % in the first quarter while sales inside sport and lifestyle division shrank by 4.9 percentage.
In March, PPR, originally referred to as Pinault Printemps Redoute, announced it absolutely was shedding its image as a distribution conglomerate to push its global brands.
The alteration to Kering will be submitted for approval during an annual general meeting on June 18.
The name change coincides which has a company shakeup. PPR is spinning off European outlets including the FNAC media and electronics retailer. Mall Le Printemps was purchased from 2006.
France now accounts for just five per-cent from the group's sales, whereas the international market, especially Asia, represents its future, the company says.
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