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Article: PPR EARNINGS PLUNGE 58.2%.(Pinault-Printemps-Redoute's reorganization)
- Article from:
- WWD
- Article date:
- September 5, 2003
- Author:
CopyrightCOPYRIGHT 2003 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PARIS -- Dragged down by its own reorganization, as well as an "air pocket" that created retail turbulence, Pinault-Printemps-Redoute on Thursday reported a 58.2 percent drop in first-half net income.
The French retail and luxury conglomerate, which controls Italy's Gucci Group, attributed the drop largely to the strategic realignment that has seen it exit most of its noncore activities.
PPR said net income, slightly below analysts' expectations, declined to $127.8 million from $305.6 million a year ago. Dollar figures have been converted from the euro at current exchange, as PPR reported earnings of 118.3 million euros versus 283 million euros in the ...