Italian fashion house Gucci has blamed a slump in tourism and the weak global economy for a 51% fall in its profits during July, August and September. The luxury goods ugg boots firm has also warned of further declines next year.
“Management believes trading conditions for the luxury goods industry will remain difficult in the coming months and accordingly is particularly cautious for 2002,” it said.
But Gucci stuck to its full-year forecasts after having already issued two profit warnings this year.
Net profit tumbled to $56.3m in the third quarter, at the lower end of analysts’ expectations, after sales fell 7.9% to $566.2bn.
After a recent spending spree, the stable of luxury labels now includes French designer Yves Saint Laurent, Italian shoemaker Sergio Rossi and British designer Alexander MacQueen,uk ugg boots.
Japanese lift
The moribund economies of the US, Europe and Japan combined with the attacks on the US have hit the luxury goods sector, which is highly dependent on the spending sprees of tourists.
The US was the weakest market with sales falling 23.7%, but Japanese turnover rocketed by 20.6%.
Japanese tourists, who are big buyers of luxury goods abroad due to high prices back home, decided to shop locally after many cancelled holidays after 11 September.
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