Waterford Wedgwood gets buy nod despite peer’s drop

DESPITE a 97% profit plunge at Waterford Wedgwood’s peer Gucci Group, stockbrokers Dolmen Butler Briscoe have placed a buy recommendation on the Irish luxury-goods maker.

Yesterday, Gucci, the world's third-largest luxury-goods maker, said first-quarter profit plunged 97% as shoppers concerned about travel safety and jobs turned away from new products.

Net income fell to a mere €1.2m as analysts had expected the company to earn €25.7m according to a Bloomberg survey.