Prada profits dip by 20%

Luxury goods group Prada’s net profit fell 20 per cent in the first half of this year as the once fashion darling of the stock market admitted the economic downturn and geopolitical uncertainty were “negatively influencing consumer attitudes”.

Shares in the Italian group fell 1.3 per cent to HK$51.5 on the Hong Kong exchange – where Prada listed three years ago – hitting their lowest level in more than two years and lagging behind a rise in the Hang Seng index.

Net profit at the group, founded by designer Miuccia Prada and Patrizio Bertelli, came in at €244.8 million on first-half earnings before interest and tax of €373 million, lower than analyst expectations. Group net revenues rose 1.3 per cent at current exchange rates to €1.75 billion for the six months. – Copyright The Financial Times Ltd 2014