Gucci, the world’s third largest luxury goods group has announced a smaller than expected drop in its fourth quarter and full year earnings, for the period ended 31 December, 2002.

Gucci, which is 61%-owned by French firm, Pinaut Printemps Redoute, posted a 27% decline in full year profits to Eur226.8 million ($154 million). The figure, however, is ahead of analysts forecasts of Eur213 million. Full year sales remained flat at Eur2.54 billion, while Q4 sales increased 1.6% to Eur714.8 million.

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