The Traderszone Network

Published in TZ Latest News 15 December, 2015 by The TZ Newswire Staff

China weakness drives Prada quarterly profit down 38 percent

HONG KONG/MILAN (Reuters) – Italian luxury goods maker Prada (1913.HK) reported a 38 percent fall in quarterly profit on Tuesday, hit by slumping sales in Greater China as the country’s economic growth slowed. “Market conditions are still quite complicated,” Chief Financial Officer Donatello Galli told an analyst call, pointing to unstable financial markets and concerns about global security that hurt tourism. Prada posted a 6 percent drop in sales in August-October to 748 million euros ($819 million).