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