WWD.com/business-news/financial/ppr-sees-strong-rise-in-2007-profits-1023682/
government-trade
government-trade

PPR Sees Strong Rise in 2007 Profits

Gucci and Puma drive growth at French group; emerging markets expected to sustain momentum in 2008.

PARIS – Business may be cooling in America, but PPR chief executive officer Francois-Henri Pinault on Wednesday said emerging markets like China should stoke luxury growth this year.

Pinault made the comments as he reported that PPR’s net income last year advanced 34.6 percent to 922 million euros, or $1.26 billion at average exchange rates, thanks to robust luxury business and the integration of Germany’s Puma, which PPR bought control of last year.

“It was an excellent year,” said Pinault of the results, which bested most analysts’ expectations.

For complete coverage, see Thursday’s WWD.