Prada Q3 profit rises 8.6 pct, misses analyst estimates

Reuters20 December 2013

HONG KONG, Dec 20 (Reuters) - Italian luxury fashion house Prada SpA has missed analyst estimates by posting a 8.6 percent rise in third-quarter profit, as solid performance in the Americas and Japan made up for slowing growth in Europe and Asia.

Net profit for the three months ended Oct 31 was 132.64 million euros ($181.7 million), higher than 122.1 million euros a year earlier, the maker of luxury leatherware and Miu Miu-brand dresses said on Friday. That compared with a median 154 million euros estimate of three analysts polled by Reuters.

Revenue increased 7.1 percent to 848.0 million euros from 791.9 million euros a year ago.

Shares of Hong Kong-listed Prada closed 0.2 percent higher ahead of the results, whereas the Hang Seng Index ended 0.3 percent lower.

Prada, like rivals LVMH Moet Hennessy Louis Vuitton SA and Kering SA, this year has had to contend with a crackdown on conspicuous spending by government officials in China, where the company generates almost a quarter of total sales.(Reporting by Donny Kwok and Lee Chyen Yee; Editing by Christopher Cushing)

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