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Gucci owner Kering hit by loss on sale of retailer

PARIS (AP) -- Kering SA, the owner of luxury brands Gucci and Bottega Veneta, says its profit slumped 64 percent in the first half of the year due to a loss on the sale of its French books-and-music chain Fnac.

The company, which changed its name from PPR last month, reported net profit of 173 million euros ($228.39 million) for the first six months of the year, down from 477 million euros a year earlier.

Kering's first-half accounts were weighed down by a loss on the sale of shares in Fnac as the company focuses on its luxury and sport and lifestyle brands.

In a statement Thursday Kering said transformation of the sport and lifestyle division, which includes Puma, is underway but wouldn't result in an earnings rebound by year's end.