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.
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