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Article: DE SOLE `DELIGHTED' -- EVEN THOUGH GUCCI NET DROPS 17.3%.(Gucci Group profits)(Statistical Data Included)
- Article from:
- WWD
- Article date:
- March 22, 2002
- Author:
CopyrightCOPYRIGHT 2002 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MILAN -- Gucci Group chief executive officer Domenico De Sole feels vindicated.
Profits fell at a double-digit pace in the fourth quarter and year, but De Sole viewed the results not only as better than expected but also as proof of the company's discipline and the wisdom of its acquisition record.
Gucci on Thursday reported net profit last year fell 17.3 percent, to $278.4 million or $2.74 a diluted share, as sales gained 1.2 percent to $2.28 billion. Fourth-quarter earnings dropped 12.3 percent to $83.3 million, or 82 cents, as sales rose 1.4 percent to $624.6 million. Dollar figures are converted from the euro at current exchange rates.
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