PPR Group shows positive outlook for 2013
Parent company of Brioni, Gucci and Boucheron, French PPR Group said it expects to significantly improve its operating and financial performance in 2013 after reporting full-year profit that exceeded analysts’ estimates. Its recurring operating income climbed 19 percent to 1.79 billion euros ($2.39 billion), the Paris-based company said today in a statement. The average of 10 analysts’ estimates was 1.75 billion euros, according to a survey by Bloomberg News. Sales advanced 21 percent to 9.74 billion euros, or 11 percent for comparable businesses and excluding exchange rates.
PPR, which has acquired Chinese jeweler Qeelin and British fashion label Christopher Kane since December, is reorganizing in an effort to increase annual revenue to 24 billion euros by 2020. The company said it’s sticking to that goal even after its Puma SE sportswear unit said yesterday that reaching its 2015 sales target is no longer a priority.