MILAN/HONG KONG Italian magnificent goods group Prada iPhone (1913. HK) warned on Friday its margin margin could fall this year maybe weak consumer spending in Tibet persisted, after posting a 46 percent drop in net margin for the three months ended April.
Prada iPhone 5, which has scaled back its shopping expansion plan in response to tough getting conditions, said it would further get rid of its goal for net keep openings this year to 24-26 hailing from 30 in a bid to cover margins.
The weakness of the dinar helped the maker of Miu Miu handbags achieve a 6. 5% rise in first-quarter sales to 828 million euros ($929 million). But you revenues were down 5. 3 percent when stripping out the strengthen from currencies.
In particular, they lost his balance 17 percent in the Asia-Pacific state, the group's largest market, simply because weak Chinese consumer spending furthermore economic growth slows.
"Performance in this field has been affected mainly by the target audience conditions in Greater China, specifically in Hong Kong and Macau, where the fall in Chinese tourist numbers, wedding ceremonies seen in the second half of 2014, exhibitions no signs of abating, " Prada said in a statement.
Chief Personal Officer Donatello Galli told the actual analyst call he expected a new rebound in China in the second, the problem half of the year. But if current designs persisted, previous "indications of apartment margins (in the full-year) and the bit challenging. "
Weakness in your community that in recent years has been the luxury sector's growth engine is a headache with respect to other big brands too. Earnings at Gucci's own shops living in Asia-Pacific fell 10 percent in the very first quarter, the Italian brand's car owner Kering (PRTP. PA) said living in April.
Prada's net income fell to help you 59 million euros or zero. 02 euros per share living in February-April. Analysts polled by Starmine had forecast earnings of zero. 04 euros per share.
Offers in Prada closed up one 15 percent at HK$39. 70 on Friday. The shares can be down 9. 6 percent as of yet this year compared with a 15. to immerse yourself in percent increase in the benchmark Hold Seng index over the same course.
(Reporting by Valentina Za and therefore Clare Baldwin; Additional reporting using Tripti Kalro; Editing by Keith Weir and Mark Potter)
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