07/17/2003 : 2003 Second Quarter Sales

Sales for the second quarter of 2003 stood at EUR 5,970 million. On a comparable structural, exchange rate and day?year basis, sales of the companies comprising the New PPR (Retail, Luxury Goods and CFAO) grew by 1.7% in the second quarter, of which 2% for the Retail Division. Sales growth for the new PPR remained buoyant at 4% on a comparable basis for the first half of the year.

Serge Weinberg, Chairman of the Management Board of Pinault-Printemps-Redoute, made the following statement:

"In sluggish markets, the Group's Retail companies have once again demonstrated their capacity to gain market share in France and made strong headway in international markets. These companies offer a solid foundation for the new PPR entirely focused on the individual customer. Further development and reinforced positioning in the second half should enable the Group's companies to gain further market share without sacrificing their margin  improvement targets."

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