Strong euro bedevils Prada
Prada said Friday sales were cooling
Milan - Al Maghrib Today
Prada said Friday sales were cooling off due in part to the strong value of the euro lightening the pocketbooks of tourists visiting Europe shopping for luxury goods.
The Italy-based, Hong Kong-listed luxury house said overall net sales slid 5.7 percent on a constant exchange rate basis in the six months to the end of July to 1.47 billion euros ($1.77 billion).
Net profit slumped 18.4 percent to 115.7 million euros at the firm that also includes the Miu Miu, Church's and Car Shoe brands.
Sales in Europe fell by 7.7 percent, or 6.6 percent on a constant exchange rate basis, with only clothes bucking the downward trend.
"The stronger euro at the end of the period adversely affected tourist spending," said Prada.
By region, greater China was the only area to post growth.
Sales of leather goods took a hiding, however, dropping 7.9 percent, and footwear sales stumbled 9.5 percent.
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