Prada First-Quarter Profit Trails Estimates on Currencies, Asia
2014-06-05 11:14:22.341 GMT
By Andrew Roberts
June 5 (Bloomberg) -- Prada SpA, the Italian maker of
$2,950 leather handbags, reported first-quarter profit that
missed analysts’ estimates, weighed down by the strength of the
euro and falling sales in Europe and Asia.
Net income in the three months through April fell 24
percent to 105.3 million euros ($143 million), Milan-based Prada
said today in a statement. Analysts predicted 129.7 million
euros, according to the average of seven estimates.
The euro’s strength against other currencies led revenue to
fall 0.6 percent to 777.7 million euros, Prada said. That
trailed the 812.1 million-euro average of analysts’ estimates.
Sales in Asia Pacific fell 2.6 percent, which Prada attributed
to a slowdown in South Korea, Hong Kong and Singapore. Revenue
in Europe declined 4.1 percent.
“Management is closely monitoring the development of the
markets, as far as geographies and products are concerned, in
order to update, if appropriate, the guidance on the 2014
results,” Prada said in the statement.
The company in April said same-store sales will rise at a
low single-digit pace this year, in line with trade group
Altagamma’s 3 percent to 5 percent estimate for annual luxury-
market growth.
The stock fell 1 percent to HK$57.40 in Hong Kong today,
extending this year’s decline to almost 17 percent. The earnings
were released after the close of trading.
For Related News and Information:
Prada Tumbles After Forecasting Slowing Luxury Sales Growth
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Prada Falls Most in 17 Months as Revenue Growth Slows in Asia
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Prada Financial Analysis: 1913 HK <Equity> FA <GO>
Top Consumer Stories: RTOP <GO>
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To contact the reporter on this story:
Andrew Roberts in Paris at +33-1-5365-5015 or
aroberts36@bloomberg.net
To contact the editors responsible for this story:
Celeste Perri at +31-20-589-8505 or
cperri@bloomberg.net
Paul Jarvis
2014-06-05 11:14:22.341 GMT
By Andrew Roberts
June 5 (Bloomberg) -- Prada SpA, the Italian maker of
$2,950 leather handbags, reported first-quarter profit that
missed analysts’ estimates, weighed down by the strength of the
euro and falling sales in Europe and Asia.
Net income in the three months through April fell 24
percent to 105.3 million euros ($143 million), Milan-based Prada
said today in a statement. Analysts predicted 129.7 million
euros, according to the average of seven estimates.
The euro’s strength against other currencies led revenue to
fall 0.6 percent to 777.7 million euros, Prada said. That
trailed the 812.1 million-euro average of analysts’ estimates.
Sales in Asia Pacific fell 2.6 percent, which Prada attributed
to a slowdown in South Korea, Hong Kong and Singapore. Revenue
in Europe declined 4.1 percent.
“Management is closely monitoring the development of the
markets, as far as geographies and products are concerned, in
order to update, if appropriate, the guidance on the 2014
results,” Prada said in the statement.
The company in April said same-store sales will rise at a
low single-digit pace this year, in line with trade group
Altagamma’s 3 percent to 5 percent estimate for annual luxury-
market growth.
The stock fell 1 percent to HK$57.40 in Hong Kong today,
extending this year’s decline to almost 17 percent. The earnings
were released after the close of trading.
For Related News and Information:
Prada Tumbles After Forecasting Slowing Luxury Sales Growth
NSN N3G5F46TTDST <GO>
Prada Falls Most in 17 Months as Revenue Growth Slows in Asia
NSN N0X2HQ6S972F <GO>
Prada Financial Analysis: 1913 HK <Equity> FA <GO>
Top Consumer Stories: RTOP <GO>
Top Stories: TOP <GO>
To contact the reporter on this story:
Andrew Roberts in Paris at +33-1-5365-5015 or
aroberts36@bloomberg.net
To contact the editors responsible for this story:
Celeste Perri at +31-20-589-8505 or
cperri@bloomberg.net
Paul Jarvis