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| Gucci owner PPR's shares hit 12-year high in France | |
| (35 minutes later) | |
| Shares in the French luxury goods firm, PPR, have risen more than 5% in Paris to their highest level in 12 years. | Shares in the French luxury goods firm, PPR, have risen more than 5% in Paris to their highest level in 12 years. |
| That follows a better-than-expected jump in earnings at the company, which owns brands such as Gucci and Yves Saint Laurent. | That follows a better-than-expected jump in earnings at the company, which owns brands such as Gucci and Yves Saint Laurent. |
| Net income rose 6.3% to 1.4 bn euros while sales jumped 20% to 9.7bn euros, driven in part by sales of its Bottega Veneta handbags. | Net income rose 6.3% to 1.4 bn euros while sales jumped 20% to 9.7bn euros, driven in part by sales of its Bottega Veneta handbags. |
| PPR boss Francois-Henri Pinault said the results were "excellent". | PPR boss Francois-Henri Pinault said the results were "excellent". |
| Mr Pinault added that he was confident of "significantly improving our operating and financial performances in 2013". | Mr Pinault added that he was confident of "significantly improving our operating and financial performances in 2013". |
| "The results are a clear positive and it confirms that PPR is holding one of the most balanced brand portfolio in luxury, which is currently outperforming peers like LVMH," one Paris-based trader told Reuters. | "The results are a clear positive and it confirms that PPR is holding one of the most balanced brand portfolio in luxury, which is currently outperforming peers like LVMH," one Paris-based trader told Reuters. |
| PPR is trying to sell its retail chain Fnac and its mail order business Redcats. | PPR is trying to sell its retail chain Fnac and its mail order business Redcats. |