Prada Force Men's Clothing Business Is Not Optimistic.

Italy luxury group Prada Prada Yesterday, after the closing of the Hong Kong stock market, the 2013 financial year performance that disappointed the market was released. Group executives at the investor conference after the earnings report indicated that the outlook for the 2014 fiscal year was also not optimistic. The big companies had lowered their investment rating and target price. A series of bad results led to a sharp fall of Prada to Prada's share price from 8.7% to HK $56.40 on Thursday, the biggest decline in two and a half years.

Prada Donatello chief financial officer, Donatello Galli, at the investor conference revealed that the same store sales in February had a negative growth due to bad weather in the United States and geopolitical factors in Europe. It is difficult to interpret the same store sales trend throughout the year. Therefore, it was prudently predicted that at least 3% growth would be much lower than the 7% growth in the 2013 fiscal year ended January 31, 2014, and the same store sales increase in the 2015 fiscal year is expected to rise to 5%.

In the current fiscal year, the 450 million euro expenditure of 80 new stores has been allocated to the budget, which is expected to boost revenue by 9% annually, and the operating profit will remain unchanged from 2013. In the 2015 fiscal year, 55 stores are planned to increase, and the sales increase is expected to be 11%.

Each big Investment Banks are basically looking at the future of Prada Prada. Credit Suisse Credit Suisse said it no longer expects Prada Prada to increase its sales and profit margin this year. The aggressive investment strategy will increase the cost, thereby reducing the forecast of earnings per share in the 2015 fiscal year by 14-19%. It is expected that the net profit in the next three years will only increase slightly. The bank lowered the Prada Prada rating from "win over the market" to "neutral", and the target price also slashed 23% to HK $63 from HK $82.

Nomura Nomura pointed out that the net profit of Prada Prada decreased significantly in the fourth quarter, and therefore lowered its rating from "neutral" to "reduction", with a target price of HK $52.4.

JPMorgan Morgan chase believes that the price of Prada Prada has dropped by 12% since its announcement in the 2013 fiscal year in February, which is enough to reflect the performance level. Therefore, the "neutral" investment rating has been maintained, but the target price has been reduced from HK $74 to HK $60.

MacQuarie Macquarie believes that the productivity of Prada's Prada stores continues to decline, while the development of Miu Miu is stagnant, while Prada remains strong. Therefore, the rating of "losing the big market" and the target price of HK $45.5 remain unchanged. In the 2013 fiscal year, Prada brand revenue increased by 11% year by year, and the direct channel was more than almost the same as the luxury brand based on fixed exchange rate, achieving a 19.6% growth, but Miu Miu only achieved an increase of 1.1%. Barclays Barclays reiterates the "neutral" rating and the target price of HK $63.

Prada closed at HK $58.50 on Thursday, narrowing to 5.26%.

Prada Prada's net profit in the 2013 fiscal year was 625 million 700 thousand euros, less than 673 million 600 thousand euros expected by Reuters's comprehensive analysts, and was constrained by the euro's strength, Eurasia. market With weaker demand and heavier tax burden, net profit increased by only 0.3% per annualized year and increased by 44.9% in the 2012 fiscal year. Earnings per share were flat at 0.245 euros.

The annual revenue increased by only 8.8% to 3 billion 586 million euros, far behind the increase in the 2012 fiscal year of 29%, which was also weaker than analysts expected, an increase of 13% under the stipulated exchange rate.