HONG KONG, April 12 (Reuters) - Luxury fashion group Prada
SpA on Wednesday reported a 15.9 percent fall in
annual profit as global luxury spending remained soft and as it
sold more accessible products in competitive market.
In the year ended Jan. 31, Prada reported net income of
278.3 million euros ($295.03 million), down from 330.9 million
euros a year earlier. Analysts were expecting net income of 296
million euros, according to Thomson Reuters SmartEstimate data.
Prada's shares have risen more than 30 percent so far this
year, outpacing a 9 percent rise in the benchmark Index.
In February, the Italian group said saw its sales
accelerating in the past months, particularly in Greater China
and Russia, pointing to an improving outlook after sales slumped
France's LVMH, the world's biggest luxury group,
in January predicted a "relatively easy" first half of 2017, but
warned the second half could be "more difficult".
($1 = 0.9433 euros)
(Reporting by Donny Kwok and Twinnie Siu; Editing by Louise