ITALY: Prada FY sales growth misses expectations
- FY group sales up 9%
- Europe sales grow 5%
- Sales miss analyst estimates
Sales in Europe grew 5%
Italian fashion house Prada booked full-year sales that missed analyst expectations today (13 February), amid economic weakness in Europe and a stronger Euro.
Revenues for the 12 months ended 31 January amounted to EUR3.59bn (US$4.91bn), a 9% increase on last year. Analysts on average were expecting sales of EUR3.67bn, according to Thomson Reuters data.
Sales in Europe grew just 5%, driven by the retail channel. Wholesale channel sales, however, were down on the previous year.
Asia Pacific sales were up 11%, with Greater China the main contributor of growth, while in America sales climbed 11%.
Bernstein Research analysts said that while Prada's sales missed expectations, it believes retail will continue to grow at around 15% as the store network becomes "more mature/efficient", adding: "The group's ability to open 80 stores pa proved once more this year and management guidance for a similar network extension next year."
Italian fashion house Prada saw its share price fall slightly today (2 April) after booking a less than 1% increase in annual net profit....
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