Luxury goods giant Gucci Group NV on Wednesday posted a worse-than-expected 42 per cent year-on-year plunge in first quarter net profit to £22.7 million as it was hit by falling sales in a weak global economy. The company said sales slipped 1.5 per cent to £388m and it was "cautious" about the rest of the year. It added its profits had also been hit by an operating loss before goodwill at French unit Yves Saint Laurent.