Slower growth for Prada Group for the full year 2013
Prada Group reports slower growth for the full year 2013, at +9%, hurt by economic weakness in Europe and a stronger euro. Prada published a preliminary sales figure of 3.59 billion euros (2.9 billion pounds) for 2013. Analysts on average were expecting 3.67 billion euros, according to Thomson Reuters data.
Prada Group’s sales in Europe grew just 5 percent, while in Asia and the Americas grew by 11 percent each. Dales in Japan grew by 24 percent. Greater China, which has been a major focus for investors as a crack down on corruption and conspicuous consumption has hurt sales for many luxury goods sellers, contributed 826 million euros to Prada’s fiscal 2013 revenue.
The Hong Kong-listed Prada Group opened 79 new stores last year, bringing the number of directly operated stores to 540 as of the end of January. Prada shares closed down 1 percent at $63.65 on the Hong Kong Stock Exchange. They are down 8 percent so far this year compared with a 4.4 percent year-to-date decline in the benchmark Hang Seng index.