In contrast to its main rival, LVMH, (see leatherbiz story, 2002, an excellent year for LVMH 13.03.03) the luxury goods retailer, Pinaut-Printemps-Redoute, has posted disappointing 2002 full-year earnings. For the period ended December 31, 2002, the group’s operating income fell 7.7% to Eur1.8 billion ($1.95 billion) with a 5.6% decline being seen in the first half and an 8.9% rise in the second. PPR posted a 1.5% decline in sales to Eur27.4 billion ($29.8 billion) and attribute the downturn to a slowdown in its US business.

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