PRDSY Prada Spa (PK)

   By Euan Conley 
 

Prada SpA (1913.HK) said Friday that net profit fell 4.3% in 2017, while net revenue dipped 3.6%.

Net profit for the 12 months ended Dec. 31 was 248.9 million euros ($307.8 billion), compared with EUR260.2 million a year earlier.

Full-year revenue stood at EUR3.06 billion, down from EUR3.17 billion in the previous year. Retail sales fell by 7.7% at current exchange rates, while sales of leather goods fell by 5.1%, the Italian fashion house said.

The Hong-Kong listed company also posted declining sales across all of its geographical markets.

Prada said its management was confident that the year to come would mark the beginning of a sustainable long-term growth period.

The 2017 figures have been adjusted for a 12-month period after the company changed its year end from Jan. 31.

For the 11-month period ended Dec. 31, the company posted net profit of EUR217.7 million and revenue of EUR2.74 billion.

It also declared a dividend of 7.5 European cents a share.

Write to Euan Conley at euan.conley@dowjones.com

(END) Dow Jones Newswires

March 09, 2018 08:47 ET (13:47 GMT)

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