Prada upbeat after Q3 profits beat forecast
Prada, the Italian maker of $3,290 leather handbags, said it was confident of “positive” full-year results after reporting an estimate-beating 57 per cent rise in third-quarter profit as Asian tourists fuelled gains in Europe.
Earnings before interest and tax rose to €217.6 million in the three months ended October 31st from €138.9 million a year earlier, the Milan-based company said yesterday. The average of six analysts’ estimates compiled by Bloomberg was €184.3 million. Revenue advanced 33 per cent to €791.9 million, also beating estimates.
“Another great performance,” Aaron Fischer, an analyst at CLSA in Hong Kong, said in a note to clients.
Prada expects full-year same-store sales to climb by a mid- teens percentage, finance director Donatello Galli said on a conference call. – (Bloomberg)