News On 21 March the Gucci group announced a net profit for the 2001/2002 financial year (closed on 31 January) down by 17 %, to 278.4 million dollars, against 336.7 million in 2000/2001. During the fourth quarter alone it made a net profit of 83.3 million dollars, down by 14 % compared to the same period a year previously.
During the 2001/2002 financial year, group turnover rose by 1.2 % to 2.285 billion dollars, resulting in an operating profit (before depreciation) of 355.1 million, down by 13 %.
Group CEO Domenico De Sole expressed his satisfaction with the results. "Despite very difficult economic conditions, particularly after 11 September when the recession in the United States worsened, consumer spending fell, and travel and tourism dipped sharply, our group was one of only a few in its sector to generate a rise in turnover during the fourth quarter", he said. The group's management has moreover reiterated its forecasts for the 2002 financial year, but "remains cautious in the current context of uncertainty". This year, the Gucci group should achieve a turnover of 2.7 billion euros and a net income per share of between 2.60 and 3.00 euros (2.74 dollars in 2001/2002).
April 18, 2002
