BRIEF-Publicis CFO says tough to improve operatig margin this year

PARIS, July 22 Tue Jul 22, 2014 5:16am EDT

PARIS, July 22 (Reuters) - PUBLICIS Chief Financial Officer Jean-Michel Etienne said after Q2 results: * Difficult to improve operatig margin this yea * "It will be difficult to deliver an improvement in the margin this year taking into consideration some risks that we have on growth and also the fact (...) that we have this forex effect, which is important" =