FRANKFURT, Germany (AP) — Luxury sports car maker Porsche SE said yesterday that sales in the first four months of its fiscal year slid nearly 10 percent as the global economic downturn pinched demand.

The Stuttgart-based maker of the 911 sports car and the Cayenne sport utility vehicle said in a statement sales declined 9.7 percent to 2.2 billion euros ($3.1 billion) from 2.4 billion euros a year ago.

The company, whose fiscal year starts on August 1, did not release net profit figures.

Porsche said it sold 25,000 vehicles in the August-November period, a nearly 19 percent drop from the 31,000 it sold in the year-ago period.

Demand was down globally, with sales dropping 18.6 percent in its home market, Germany, and by 18.2 percent in North America. Elsewhere, sales dropped 19.1 percent.

Porsche said the operating profit target for the period could still be met — especially because of option positions it has on Wolfsburg-based Volkswagen AG, Europe's largest carmaker. Porsche is VW's largest shareholder.

Porsche did not disclose its operating profit figures.

Looking ahead, the company said it anticipates a noticeable decline in world sales and demand, and singled out the US market as a veritable unknown given the economic downturn and continued uncertainty.

Despite the gloomy outlook, yesterday's results were expected. In November Porsche said it anticipated a decline in sales and has also said since that it would cut back on the number of hours it operates production in the coming weeks.

In its last full fiscal year, which ended July 31, Porsche reported a net profit of nearly 6.4 billion euros, up from 4.2 billion euros it earned in the 2006-2007 year. The gains were largely due to its investment in Volkswagen.

At the end of the first four months, Porsche held almost 43 percent of Volkswagen and options to acquire more.

Porsche said it still aims to acquire 75 percent of VW in 2009, but said that depended on the economic conditions and prices of the shares.

Porsche Automobil Holding shares closed up 3.5 percent at 50.09 euros ($71.63). Volkswagen shares ended 0.7 percent higher at 310.23 euros ($443.63).