International News - PPR profits slump

Pinault-Printemps-Redoute blamed a 58 per cent plunge in first-half net profit on the slumping luxury goods sector. PPR said net profit had slipped from EUR283 million (£198.8 million) in 2002 to EUR118.3 million (£83.1 million). One-off charges helped the group generate a loss of EUR207 million (£145.4 million).