Saturday, Dec 20, 2014Saturday, Dec 20, 2014

Business

 

Prada signals possible guidance cut as Q1 sales fall

Published on Jun 6, 2014 9:53 AM
 
Prada has topped its dramatic crystal studded looks for spring with an even more lavish fall collection (pictured). The group, known globally for its high-end fashion brand founded as a leather goods company by designer and co-chief executive Miuccia Prada's family in 1913, said it could review its guidance. -- PHOTO: PRADA

MILAN (Reuters) - Italian luxury group Prada signaled a possible cut to full-year guidance on Thursday after first quarter sales fell in its main European and Asian markets and revenue growth for its signature brand almost ground to a halt.

Prada said on Thursday its performance in the three months to April 30 had been hit by unfavourable exchange rates, declining wholesale deliveries and a tough comparison with the previous year.

Sales fell 0.6 per cent to 777.7 million euros (S$1.33 billion), below analysts' forecasts of around 813 million euros according to Thomson Reuters data. At constant exchange rates, sales rose 3.8 per cent.

The group, known globally for its high-end fashion brand founded as a leather goods company by designer and co-chief executive Miuccia Prada's family in 1913, said it could review its guidance.

 
If you are not a subscriber, you can get instant, unlimited access here

Videos