Prada misses full year profit forecast

Weaker demand for Prada handbags and clothes in Europe, helped the Hong Kong listed Italian fashion house miss analyst forecasts.

It reported a less than 1% rise in 2013 full-year profit for the year to February of €627.8 million, below analyst expectations of more than €650 million. The group, which also owns labels’ Miu Miu and Church's Shoes, reported a slowdown in its fourth quarter, with sales for the year up 8.8% to €3.59 billion.

Asia-Pacific sales, boosted by China, outperformed the growth in Europe. Asia is Prada’s biggest market where it reported sales up 11.4% better while sales in Greater China jumped 12.3%.

In contrast Europe recorded just a 5% rise.