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Non-Tech : GUCCI (GUC) EXPLOSIVE GROWTH!
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To: Candle stick who wrote (4)4/3/1997 7:45:00 PM
From: Candle stick   of 40
 
Salomon maintains Buy on Gucci<GUC.N> shares

MILAN, April 2 (Reuter) - U.S. investment house Salomon Inc
<SB.N> said it was maintaining its Buy rating on luxury goods
group Gucci and had raised its earnings estimates for the
Italian company in 1997 and 1998.
"Based on our trading multiples of other luxury brand
companies and Gucci's superior projected growth rate, we believe
that the shares have still have strong upside potential
currently trading at a multiple of 18.4 times our 1998 earnings
estimate," Salomon said in a research note received in Italy.
"Therefore we continue to rate the shares of Gucci Group NV
a Buy," it said.
It said after stronger than expected full year 1996 results
and a strong start to 1997 "we recently raised our 1997 and 1998
earnings estimates to $3.25 and $3.90 respectively from $3.15
and $3.80."
It noted Gucci second half 1996 earnings per share showed a
66 percent year to year increase to $1.61 while sales for
directly operated stores and wholesale rose 67 percent.
Gucci's core leather goods category registered sales
increase of 82.8 percent.
"These results were well above our expectations, despite
increasingly difficult comparisons," Salomon said.
Gucci is registered on the Dutch and U.S. stock markets.
--Milan bureau +39 2 66129507.
REUTER
Rtr 08:55 04-02-97
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