Pinault Printemps Redoute S.A. May 04

  • ID: 2054215
  • May 2004
  • Standard & Poors
1 of 3


  • Kering S.A.
  • PPR Finance
  • MORE

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 and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

Note: Product cover images may vary from those shown
2 of 3

- Kering S.A.
- PPR Finance

Note: Product cover images may vary from those shown
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Note: Product cover images may vary from those shown


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