New year's resolutions

16 January 2003

There are some glimmers of light in Q4. And the group is taking steps to sort out its balance sheet and structure. But trading continues to be tough, and the outlook for Gucci isn t rosy.

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Pinault PrintempsRedoute reported that its 2002 revenues fell by 1.5% to E27.37bn. This is well within the range of the market's expectations. The French group was hit by the weaker dollar, as well as tough trading conditions. On comparable basis in terms of exchange rate and group structure, PPR's sales only fell by 0.5%.

Fourthquarter sales fell 1.6% to E7.64bn. However, on a comparable basis they showed a rebound, increasing by 1.7% year on year after being negative for the first three quarters.

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