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Pinault Printemps Redoute S.A. May 04 Product Image

Pinault Printemps Redoute S.A. May 04

  • Published: May 2004
  • Standard & Poors

Abstract
This full analysis has been republished to replace misstated information in the Peer Comparison table (Table 1) with respect to LVMH's business risk and financial risk. A corrected version follows. Significant business diversification, despite ongoing exit of business-to-business sector; Resilient performance of the retail arm in 2003--despite an unfavorable environment in the core French market--and an expected recovery in the earnings of the luxury goods arm in 2004; and Sound liquidity position. Weak financial profile in the wake of ongoing buy-out of Gucci minorities, although this is expected to recover owing to a combination of improvement in earnings, focus on free cash flow generation, and the sale of Rexel; and Cyclicality of most of PPR's businesses. The ratings on diversified...

Companies mentioned in this report are:
- Kering S.A.
- PPR Finance

Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings READ MORE >

- Kering S.A.
- PPR Finance

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