PARIS -- The Pinault-Printemps retail group reported 1993 net profits fell 13 percent, to $89.2 million (511 million francs) at current exchange rates.
Charges amounting to $71.2 million (406 million francs) tied to restructuring costs offset capital gains realized from sales of non-core businesses and cut into the bottom line, the company said.
The profits came on sales of $11.1 billion (63.3 billion francs), down 10 percent from 1992. Taking into account businesses that were sold off during the course of the year, the decline was 3.8 percent, the company said.
Pinault-Printemps further noted that it had made considerable progress in bringing down its consolidated debt level during 1993 to $2.1 billion (12.1 billion francs) at yearend. At the end of 1992, debt stood at 18.3 billion francs.
The group's four retail businesses are the Printemps department store chain, the La Redoute mail-order business, the Prisunic variety stores and Conforama home furnishings chain.
Looking ahead, Pinault-Printemps said it was confident it had the capacity "to significantly improve profits in the course of the next few years," given its success in improving its debt level and its lower interest rates and tax break opportunities.
Separately, La Redoute, which was merged fully into Pinault-Printemps this year, reported that 1993 profits rose 6 percent, to $93.1 million (533 million francs) on sales of $3.15 billion (18.01 billion francs). Sales were down 2 percent from 1992.
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