PARIS, France — 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.

Copyright (2013) Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.