Luxury goods giant Gucci Group NV on Thursday posted a 14 per cent fall in third quarter net profit to 52.9 million euros from 61.9 million euros in the year-ago period just days after slashing its full-year target.

The world's third largest luxury goods company and owner of the famous Yves Saint Laurent label said in a statement revenue in the 13 weeks to October 31 rose 3.2 per cent to 644.8 million euros from 624.9 million euros in 2001.

Sales at its core Gucci division, which accounts for about 60 per cent of its total turnover, slipped 5.1 per cent to 355.7 million euros from 374.8 million euros while sales at its YSL unit soared 52.3 per cent to 37.9 million euros from 24.9 million euros.

Fully diluted net profit per share fell 14.8 per cent in the quarter to 52 euro cents from 61 euro cents last year.

Gucci president and CEO Domenico De Sole said he was pleased his company had been able to "perform admirably" in a "testing and volatile" third quarter.

Earlier this month the fashion giant said it now sees full-year revenues in the range of 2.5 to 2.6 billion euros compared to the 2.6 billion originally forecast due to weak sales and tough trading conditions in November.