DALLAS, Mar 8, 2002/ FW/ --- Pinault-Printemps-Redoute sales rose to 27,798.5 million euros in 2001, up 12.3% over the previous year.

The increase in sales reflects the capacity of the Group's businesses to withstand the economic downturn, particularly in the United States and in the luxury goods sector.

It also takes into account external growth transactions completed in 2000 and 2001, mainly in the Retail and Business-to-Business divisions.

On a comparable structure and constant exchange rates, Group sales rose by 2.6%. With the exception of the Business-to-Business division, where Rexel in particular was severely hit by the recession in North America, the Divisions posted a further rise in sales on a comparable basis.

Excluding North America, the Group's business was up 5.5% on a comparable basis, reflecting the Group's robust performance against a backdrop of slower economic growth.

Sales growth includes the net positive impact of external growth transactions totalling 2,343.3 million euros. Within the Business-to-Business division, this mainly reflects the impact on a full year basis of external growth transactions completed in 2000 by Rexel (Westburne) and, to a lesser extent, by Guilbert (BCOP's European business).

Within the Retail Division, this stems from acquisitions completed by Conforama, mainly Emmezeta in Italy.

In the Luxury division, this includes the consolidation on a full year basis of acquisitions completed in 2000 (Yves Saint Laurent and Boucheron) and, to a lesser extent, transactions completed in 2001 (Balenciaga, Bottega Veneta, Bédat & Co, Di Modolo).

Group sales rose by 7.2% in France and by 16.8% internationally. Sales outside France currently accounts for 54.7% of Group sales, and were up 2.2 basis points over 2000 and 7.9 basis points over 1999.

Group operating income rose to 1,978.3 million euros in 2001, up 4.8% despite a sharp downturn in North America. The recession in the United States, which deepened after the tragic events of September 11, 2001, led, at a constant exchange rate, to a 94.4 million euro decline in operating income on the American continent, representing a 28.6% decline. Excluding the American continent, operating income was up 11%.

The Group posted a 7.1% operating margin in 2001, versus 7.6% in 2000. Excluding Americas, the operating margin in 2001 was 8%, as in 2000.