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PPR Beats FY '12 Expectations, Underlines Pledge To Overhaul Puma

French retail group PPR on Friday posted "forecast-beating annual profits with an upbeat trading update and underlined its commitment to overhaul struggling sports brand Puma," for which PPR is the main shareholder. The group said that it "wished to continue expanding in the luxury and sports sectors but would only look into making acquisitions in the outdoor gear sector once Puma was out of the woods." This comes as Puma's profits dropped 70% last year and is now "going through its biggest reorganisation in 20 years" (REUTERS, 2/15).
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