PARIS – France’s PPR, the retailer that owns Gucci Group, on Thursday posted better-than-expected fourth-quarter sales thanks to robust growth at its luxury division.
PPR’s sales in the three months through December gained 15.1 percent to 5.8 billion euros, or $8.4 billion at average exchange rates, propelled by Gucci as the Italian brand experienced double-digit growth across all its major categories.
“PPR’s excellent figures speak for themselves,” said François-Henri Pinault, the group’s chairman and chief executive officer. “They illustrate the strength of the group’s strategic business model and its capacity to resist economic vagaries.”
Investors applauded the numbers and drove PPR’s stock up over 8 percent in mid-morning trading on the Paris Bourse. Investors were equally pleased with the deal PPR reached Tuesday to dispose of its YSL Beauté business to L’Oréal for 1.15 billion euros, or about $1.68 billion at current exchange.
For complete coverage, see Friday’s WWD.