Summary: PPR S.A. May 06

Standard & Poors, May 2006

Abstract
The ratings on French diversified and luxury retailer PPR S.A. reflect the leading and wide-ranging positions of the group's core businesses, nonfood retail (66% of 2005 consolidated recurring EBIT) and luxury goods (34%). The primary constraint for the ratings is the group's financial profile, which remains somewhat leveraged. PPR's widely recognized nonfood retail businesses enjoy leading positions in France and principally comprise Conforama home appliances and furnishings; the FNAC book, music, and consumer electronics chain; and mail-order retailer Redcats. The group's Africa-focused automotive, pharmaceuticals, and technology distribution group CFAO also provides recurrent earnings. In luxury retail, the group now fully owns Gucci, which boasts high profitability and very strong brand recognition worldwide. Gucci's recent performances evince the luxury retailer's solid...

Companies mentioned in this report are: PPR S.A.
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

PPR S.A.

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