Prada misses full year profit forecast
Wednesday 02 April 2014
Weaker demand for Prada handbags and clothes in Europe, helped the Hong Kong listed Italian fashion house miss analyst forecasts.
It reported a less than 1% rise in 2013 full-year profit for the year to February of €627.8 million, below analyst expectations of more than €650 million. The group, which also owns labels’ Miu Miu and Church's Shoes, reported a slowdown in its fourth quarter, with sales for the year up 8.8% to €3.59 billion.
Asia-Pacific sales, boosted by China, outperformed the growth in Europe. Asia is Prada’s biggest market where it reported sales up 11.4% better while sales in Greater China jumped 12.3%.
In contrast Europe recorded just a 5% rise.
9 reasons Greece's experiment with the radical left is doomed to failure
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
- 1 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 2 The awkward moment Sarah Palin raised $25,000 for Hillary Clinton's election campaign
- 3 Ball pool for adults opens in London
- 4 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
- 5 Baldness could soon be treated using stem cells, scientists hope