French retail and luxury group PPR (Pinault Printemps Redoute), owner of entertainment and electronics retailer Fnac, has announced its annual results for 2006. Total group revenue was up 5.9% to EUR17.9 billion (USD22.5 billion) from EUR16.9 billion (USD21 billion) in 2005. Recurring operating income was up 19.9% to EUR1.3 billion (USD1.6 billion) from EUR1.1 billion (USD1.3 billion) in 2005, with the luxury division up 44.2% and the retail division (Fnac and CFAO) up 4.1%. Although PPR has denied rumors of selling off Fnac many times, this topic may now come up again, as it seems reasonable for the group to focus exclusively on its luxury goods business.
