The Italian luxury goods retailer's operating profit more than doubled over the second quarter. Its new owner, Pinault Printemps Redoute (PPR), attributes this surge in profits to higher sales and lower losses from Gucci's Yves Saint Laurent brand.

Earnings before interest and tax amounted to £ 44 million for the three months to July, up from the same period last year. Serge Weinberg, Chairman of PPR, underlined the fact that earnings had gone up since Gucci came PPR's operational control.

Gucci's new chief executive, Richard Poulet, will present the development strategy for PPR's luxury goods division before year's end.