Major luxury goods producer Gucci Group NV on Wednesday reported a steep slide in second quarter net profit as it was hurt by weaker sales in Europe and flat revenue growth in the US. The company posted net income for the quarter ended July 31 of 22.7 million euros ($26.6m), or 23 European cents a share, versus 42.8 million euros, or 42 cents a share, in same period of the prior year.