Prada'S European Market Continued To Be Weak For 2013 In Fiscal Year, With A Year-On-Year Increase Of Only 0.3%

< p > luxury goods producer Prada today announced its annual financial results for fiscal year 2013.

The report shows that Prada's net profit in the 2013 fiscal year increased by less than 1%, mainly due to the continued weakness in the European market, resulting in the loss of the company's performance.

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< p > in the 2013 fiscal year ended January 31st, Prada's net profit was 627 million 800 thousand euros (US $870 million), an increase of 0.3% over the previous year, which failed to meet analysts' expectations.

Wall Street analysts had expected an average net profit of 673 million 580 thousand euros ($930 million) in the 2013 fiscal year of Prada.

In this fiscal year, Prada's sales amounted to 3 billion 590 million euros (US $5 billion), up 8.8% from the same period last year, which is in line with the preliminary data released by the company in February.

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By P, Prada's sales in the European market in the 2013 fiscal year increased by 5% compared to the same period last year. The sales volume of the company's sales in this market accounted for about 1/5 of the total sales.

At the same time, Prada's sales in Asia Pacific region in the 2013 fiscal year were strong, up 11.4% over the same period last year, and sales in the Greater China region increased by 12.3% over the same period last year.

The Asia Pacific region is Prada's largest market.

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< p > Prada Hongkong shares closed at HK $61.75 on Wednesday, so far this year, down 10.5%, less than the Hang Seng Index, which fell 3.4% in the same period.

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< p > the performance of luxury goods producers has been damaged by the weak economic performance in Europe and the Chinese government's efforts to combat corruption.

Europe is the traditional market for luxury goods producers, while China is its biggest new market, which means that these companies are facing a disadvantageous situation of double line setbacks.

Many luxury goods producers have slowed down the pace of new shops and concentrated on renovating existing stores.

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At the same time, luxury brands have been trying to satisfy the needs of affluent Chinese tourists who often buy luxury goods while traveling overseas. P

Some brands are employing salesmen who speak Putonghua, while others choose to carry out special promotions before and after the Chinese New Year holidays.

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According to Thomson Reuters, Prada's growth rate of revenue and profit in the next 12 months is expected to be the highest in the next 11.5% months, up by 11.5% and 14.8% respectively, according to Thomson Reuters.

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