2004 Second Quarter Sales

. Strong organic sales growth for 'New PPR': up 6.7%   o Luxury Goods sales up 10.5%   o Retail sales up 6.0%
. Accelerating recovery at Rexel: sales up 5.3%
Serge Weinberg, Chairman of the Management Board of Pinault-Printemps-Redoute, made the following statement: "The 'New PPR' delivered outstanding results in the last quarter. In Luxury Goods, most of the Group's brands made significant progress in a transition period. Recent sales trends and the positive response to Gucci Group's latest collections further bolster our confidence in the brand portfolio and teams at Gucci Group, as well as in the organisational decisions we have made. The Group's Retail companies posted remarkable performances in France and successfully pursued their international development. The sharp pick-up in business at Rexel is yet another positive development."
 
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