Gucci growth offsets struggling Puma performance at PPR Jean-Francois Palus, PPR group managing director, said: "Once Puma is back on the path of growth, then we will look at growth opportunities in the outdoor sector." But resilient growth of its fashion and luxury labels helped offset lower profitability at Puma. Operating profit for the group reached €1.76bn (£1.52bn) in 2012, beating analyst estimate of €1.7bn, according to Thomson Reuters. PPR's luxury division saw its revenue rise 14pc in the fourth quarter, with Gucci, the world's second-largest luxury brand behind Louis Vuitton, up 8.2pc in comparable terms and Bottega Veneta up 32.7pc. Analysts at HSBC said: "PPR's luxury division is enjoying one of the best sales growth and margin momentum amongst luxury players." Looking ahead, PPR said early-year sales trends were in line with last year. The group added that it expected sales and profits to continue rising in 2013. PPR proposed a dividend of €3.75 a share for 2012, up 7pc against the previous year.