For the three months ended July 31, net income was down to Eur42.2 million ($42 million) from Eur95.4 million the year before. In an interview, chief executive officer Domenico De Sole said that notwithstanding a war with Iraq, the company was still on target for year-end earnings of Eur2.60 per share. Sales of leather goods and shoes for the brand known for its double-G logo were both down 16 percent, while watch sales slumped 20.5 percent.

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