Gucci's sales fell nearly 8% in the third quarter to $566 million while net income plummeted 51% to $56.3 million. The company blamed the results on the global economic slowdown and the drop in tourism following the September 11 terrorist attacks. Leather goods sales did slightly better than the overall figure, falling by just 2.6%. Ironically the leather side was boosted by sales of luggage, which increased by 29%.

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