07/24/1998 : Interim group sales : 50,477 FF million, up 23.3%

Pinault-Printemps-Redoute's first-half 1998 consolidated sales rose 23.3% to FF 50.5 billion as compared with the same period in 1997. The increase was attributable both to acquisitions, particularly abroad, and to the operating results of each trading name.

Breakdown of sales by business (FF millions)

Retail : 1H-1998 : 24,799 - 1H-1997 : 22,170 - Change : 11.9%
Wholesale : 1H-1998 : 22,194 - 1H-1997 : 15,582 - Change : 42.4%
International Trade : 1H-1998 : 3,484 - 1H-1997 : 3,191 - Change : 9.2 %
TOTAL : 1H-1998 : 50,477 - 1H-1997 : 40,943 - Change : 23.3%

These figures reflect 6 months of Guilbert consolidated sales, 5 months of Rexel Australia and New Zealand subsidiaries (ex Company General Electric) and 3 months of Brylane. J.M. Bruneau, disposed of by Guilbert, was deconsolidated on January 1, 1998.


Retail division sales were up 11.9% owing to the Fnac's ongoing expansion resulting in part from new store openings and Conforama's good performance surpassing the market. Printemps continued the forward momentum seen in the first three months with second-quarter sales up significantly. Redoute's sharp increase resulted from its acquisitions of Brylane, Ellos and Bernard as well as good performance of business abroad that offset the French trading names' sales, lower than expected.

The sharp 42.4% rise in Wholesale sales is chiefly owing to the acquisition effect of consolidating Guilbert beginning on January 1, 1998, the Becob acquisition in the second half of 1997 and the Rexel acquisitions in 1997 and 1998. Rexel and the Timber and Building Materials division continued their good performance despite an unfavorable calendar effect on the second quarter. Guilbert's 16.4% sustained growth on a comparable basis reflects the company's determination to win market share.

Business continued to grow in International Trade, enabling it to report a 9.2% increase in sales.

Consolidated sales, including both a FF 5,624 million positive acquisition effect and a FF 522 million positive currency effect, rose 7.2% on a like-for-like basis with Retail up 7.7%, Wholesale up 6.2% and International Trade up 10.4%.

With respect to Financial Services, Finaref's average performing loans outstanding rose 12.6%.