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Revenue at French retailer PPR grows 16 percent

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Revenue at French retailer PPR grows 16 percent
Submitted by Fox First at Ten on October 25th

PARIS (AP) - French retailer PPR is seeing its revenue continue to grow as it doubles down on its luxury brands and jettisons struggling retail operations.

The company behind Gucci and Bottega Veneta said Thursday that sales grew 16 percent to €2.6 billion ($3.4 billion).

The company only gave figures for continuing operations, excluding the performance of music and book store chain Fnac, which it plans to spin off. Sales at Fnac declined 2 percent in the July-to-September quarter. The company has already sold off a slew of retail brands under the Redcats umbrella.

The luxury division led growth this year, with a booming 24 percent rise in the quarter. PPR's remaining retail brands, which include Puma, grew 5 percent.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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