PARIS — When France’s Pinault-Printemps-Redoute discloses first-half profits next Thursday, a year will have passed since the distribution conglomerate began a vast strategic realignment that steered it away from its once core business-to-business activities in favor of its higher margin retail and luxury divisions, including Italy’s Gucci Group.

Most analysts applaud the rapidity with which the shift has been executed and say PPR stands to gain in profitability and performance once consumer spending picks up in the now sluggish European retail and global luxury industries.

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