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3 years ago
Prada shares fall more than 8 percent after profit misses estimates
April 3, 2014 / 2:30 AM / 3 years ago

Prada shares fall more than 8 percent after profit misses estimates

Shoppers walk past a Prada store at Hong Kong's shopping Tsim Sha Tsui district September 16, 2013, one day before the Hong Kong-listed Italian fashion label announces its 2013 first-half results in the territory.Bobby Yip

HONG KONG (Reuters) - Prada (1913.HK) shares fell more than 8 percent on Thursday morning after the Italian luxury fashion group reported full-year earnings that missed analyst estimates and forecast sales to rise by single-digit percentages this year.

Prada reported a profit of 627.8 million euros for the year ended January 31, up just 0.3 percent from the year before and short of the 673.6 million euros expected by analysts. Prada's fourth-quarter profit dropped 13 percent year-on-year amid a broader slowdown in the luxury sector as once voracious demand in China cooled.

Thursday's share drop is the biggest percentage drop in the shares since October 3, 2011.

The shares were down 8.5 percent at HK$56.50 at 0208 GMT.

Reporting by Donny Kwok and Clare Baldwin; Editing by Gopakumar Warrier

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