Gloomy Gucci

Gucci Group N.V. (Amsterdam) said it won't meet its full-year profit target because “November was a difficult month.”

The world's third-largest maker of fashion wear and leather goods said it expects to post earnings of $2 a share this year, down from an already-revised target of $2.60.

CEO Domenico De Sole said revenues continued to increase in November, but at a much slower pace than the 10 percent registered in October. He said the previous, more-ambitious, target was based on expectations that the strong September-October sales trend would extend through the December holiday shopping season and into January.

Gucci will release third-quarter results Dec. 19, 2002.