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A challenging quarter for Gucci

24
Apr '08
In Q1 2008, PPR reported revenues of EUR4.9 billion, up 20% in reported terms and 4% on a comparable basis in terms of Group scope and exchange rates, compared to Q1 2007.

Francois-Henri Pinault, Chairman and CEO of PPR, noted: "Thanks to its diversified and balanced profile, PPR has begun the year with a solid business performance, in tougher markets.

Gucci Group's momentum underscores the success and relevance of the multi-brand strategy implemented by the Luxury Goods division, even as the Gucci brand itself experienced softer growth.

Consumer activities lived up to our expectations with a satisfactory performance. All in all, given our steady revenue momentum, and the Group's proven strengths, I remain confident in PPR's ability to deliver another year of growth and enhanced financial performance in 2008."

Fnac maintains its focus on profitable growth:

Fnac made a promising start to 2008 with revenues up 2.7% on a comparable basis versus Q1 2007. In France, despite an adverse calendar impact, the brand reported growth, fueled by good performance in Editorial Products, which gained market shares in all categories. On-line sales increased significantly.

Business outside of France acted as a growth driver, particularly in Spain, Portugal, Italy and Brazil. Fourteen additional Fnac stores will open in France and abroad by the end of 2008.

Redcats in line with expectations:

Redcats Q1 2008 revenues decreasedby 4.4% on a comparable basis and 1.1% in reported terms compared to Q1 2007. The poor economic environment, particularly in the apparel market, weighed heavily on Redcats activity during the quarter.

The leading multi-channel brands (La Redoute, The Sportsman's Guide, the US Large Size division and the Senior brands) were resilient.

The Children-Family division reported satisfactory sales. On-line sales continued to post solid growth and represented 46% of Redcats home shopping revenue in Q1 2008.

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