French group PPR 2012 sales rise 20.8 percent
PARIS (AP) - Strong luxury sales outside Europe raised French retail and luxury group PPR's 2012 revenue and profits, after the company behind Gucci and Yves Saint Laurent jettisoned two of its weaker brands and pressed hard into emerging markets.
PPR reported that net income rose 6.3 percent to 1.4 billion euros as sales rose 20 percent to 9.7 billion euros.
Sales in Asia, excluding Japan, accounted for a quarter of PPR's total- a slight increase over 2011.
The company's bottom line was strengthened considerably by its decision to shed Redcats, the catalogue and online retailer, and media superstore Fnac. PPR reported a net loss of about 276 million euros from discontinued operations.
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