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GUC: Gucci Earnings Will Not be as Fabulous as Last Year

Gucci

(GUC)

said it will continue to have a fabulous year, reiterating its full-year predictions. It's just that this fabulous year might not be as good as the previous one.

Full-year diluted earnings will come in at $3.10 a share, while full-year sales will top $2.2 billion. These earnings are expected to be less than 1999 earnings, which came in at $3.48 a share, because of charges related to takeovers and mergers.

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In what was a mixed-bag second-quarter earnings release last night, the Italian fashion house said second-quarter profit came in at $81 million. Net profit in the first half came in at $127.6 million, less than the year-ago $136.6 million. Still, that mark was good enough to best the

Reuters

analyst pick of $119.2 million net profit in the first two quarters.