Most Recent Articles In Financial
Latest Financial Articles
- Wall Street Rallies, Dow Jumps 304 Points
- L’Oréal Delves Into Its Strategy
- Reports: Moelis Shopping Laura Mercier, RéVive
More Articles By
PARIS — PPR said Friday it was confident heading into 2013 after posting a 6.3 percent rise in net profit last year, as it reduced its reliance on sluggish European markets and continued to expand in rapid-growth economies, where the appetite for luxury goods remains undimmed.
The French luxury-to-lifestyle conglomerate, whose brands include Gucci, Yves Saint Laurent, Bottega Veneta and Puma, posted net income of 1.05 billion euros, or $1.35 billion, in 2012 versus 986 million euros, or $1.37 billion, the previous year. All dollar rates are calculated at average exchange rates for the period concerned.
Full-year revenue rose 20.8 percent to 9.74 billion euros, or $12.52 billion. At comparable scope and exchange rates, the rise was 10.6 percent.
More specifically, fourth-quarter sales rose 17.5 percent to 2.56 billion euros, or $3.3 billion, from 2.18 billion euros, or $3.04 billion, a year ago. At comparable scope and exchange rates, this represented a rise of 11.7 percent.
“We are confident that the strengthening of our assets and the determination of our teams will allow us to continue significantly improving our operating and financial performances in 2013,” PPR chairman and chief executive officer François-Henri Pinault stated.
Though it did not give precise guidance, PPR said it expected “another year of robust revenue growth and enhanced operating and financial performances” in 2013.