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By
Reuters
Published
Apr 8, 2016
Reading time
2 minutes
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China weakness drives Prada quarterly profit down 27 pct

By
Reuters
Published
Apr 8, 2016

Italian luxury goods maker Prada SpA reported a 27 percent fall in quarterly profit on Friday, hit by lacklustre sales in China which have waned alongside slowing economic growth and a crackdown on extravagance among public officials.


Prada


Prada said there was still uncertainty in the international luxury goods market because of a volatile financial environment and heightened political tensions in many regions.

"These conditions are still present and 2016 is again set to be affected by instability which makes any short term forecasts uncertain," it said in a statement to the Hong Kong stock exchange where the company's shares are listed.

Prada reported net income of 95.8 million euros ($108.9 million) in the three months to January 31, down from 131.4 million euros a year earlier.

A weaker yuan and a shift in consumer tastes to more affordable brands discouraged purchases by mainland Chinese tourists in Hong Kong, a traditional shopping hub.

In the year ended Jan. 31, Prada reported net income of 330.9 million euros, down from 450.7 million euros a year earlier.

Annual sales, which were published in February, were virtually flat at 3.55 billion euros in the year to Jan. 31 due to weakness in Greater China where economic growth is softening and consumers have been shunning extravagant purchases.

Prada's shares have slumped 42 percent over the past year, underperforming the benchmark Hang Seng Index which has fallen 23 percent in the same period.

Growth in the luxury goods sector has fallen to low single digits from more than 10 percent four years ago, as customers hunt for bargains and favour more affordable labels such as Furla, Longchamp and Kate Spade & Co.

$1 = 0.8799 euros

 

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