Prada 1913

Re: Prada 1913

Postby winston » Fri Jun 06, 2014 8:29 am

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Flat SSSG blurs income visibility

Prada's 1Q15 net profit made up 15% of our FY15 forecast and consensus, vs. 19-25% historically.

1Q15 sales growth in the EU and Far East was flat yoy, with the exception of Japan (+17% yoy). However, Apr-to date sales growth in Japan has been down due to VAT increase.

We believe that the weak 1Q15 results were caused by the decline in Chinese tourists to Europe and Asia, as well as the intense competition. We expect the weak tourist trend to continue in FY15 and thus, Prada’s FY15 guidance in Apr looks stretched.

We cut FY15-17 EPS by 6-12% and our target price to HK$55, based on 19x CY15 P/E (sector mean).

Downgrade from Hold to Reduce. We would turn positive if SSSG recovers to ~10% in 2H15.

Further margin contraction is a risk.

Source: CIMB
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Re: Prada 1913

Postby winston » Fri Jun 06, 2014 11:14 am

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PRADA (01913.HK) slumps on results

JP Morgan cut the target price of PRADA (01913.HK) by over 6% to $59, while JP reduced it by 10% to $52, as the Company announced that for the quarter as of the end of April, the net revenue edged lower by 0.6% yearly to 778 million euros; net income fell 23.8% to 105 million euros.

The stock was last $54, down 6%, on volume of 7.69 million shares.

Source: AAStocks Financial News
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Re: Prada 1913

Postby winston » Sat Jun 21, 2014 7:59 am

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PRADA (01913.HK) downgraded to Equal-weight with target price cut to $61.5 - MS
2014-06-20

PRADA (01913.HK) -0.700 (1.231%) Short selling $51.02M; Ratio 35.151% were traded at premium in the past, which mainly reflects its strong sales momentum, margin expansion and its competitive supply chain, Morgan Stanley noted in a report.

It reduced the company's 2014 margin, expecting that the margin will fall 170 bps from last year.

Besides, the company is currently more inclined to make long-term investment, but it should try to reduce such investment to save cost.

The research house downgraded the company's rating from Overweight to Equalweight, with target price lowered from $87 to $61.5.

However, it added that if the company is able to launch some successful products, its estimation may be too conservative.

Source: AAStocks Financial News
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Re: Prada 1913

Postby winston » Mon Sep 22, 2014 10:39 am

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<Result Ann>PRADA (01913.HK) 1H net income down 21%

PRADA (01913.HK) announced results for the financial year ended 31 July 2014.

Net revenues amounted to 1.751 billion euros, up 1.3% year-on-year.

Net income receded 20.6% to $245 million euros.

EPS was 0.096 euros, and no dividend was declared.

During the period, gross margin dropped from 73.4% to 71.8%, which was mainly attributable to the negative impacts of the exchange rate fluctuations, together with the increased selling expenses following the retail expansion.

Source: AAStocks Financial News
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Re: Prada 1913

Postby winston » Mon Dec 08, 2014 10:05 am

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<Result Ann>PRADA (01913.HK) earns EUR320M in Jan-Sep

PRADA (01913.HK) announced the results for the nine months ended October.

The company recorded a net revenue of EUR 2.552 billion, which was edged down by 0.9% yearly.

Net income amounted to EUR 319 million, representing a year-on-year decline of 27.6%. EPS equaled EUR 0.125.

Source: AAStocks Financial News
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Re: Prada 1913

Postby winston » Mon Dec 08, 2014 1:30 pm

Prada Plunges as H.K. Protests, Leather Goods Weigh Sales By Andrew Roberts

Prada SpA (1913) tumbled to the lowest level in more than two years in Hong Kong trading after reporting a bigger-than-expected 44 percent drop in third-quarter profit.

Shares of the luxury-goods maker dropped as much as 6.7 percent to HK$44.1, the lowest intraday level since June 2012. They have declined 36 percent this year. The stock traded 6 percent lower as of 9:45 a.m., while the benchmark Hang Seng Index gained 0.4 percent.

Net income slid to 74.5 million euros ($92 million) in the three months through October, as the city’s pro-democracy protests weighed on Asian sales and leather-goods revenue declined. That was lower than the average estimate of 108.6 million euros from nine analysts. Sales dropped 5.6 percent to 801 million euros, the Milan-based owner of brands including Miu Miu and Church’s said in a statement on Dec. 5.

The Hong Kong protests led to a drop in consumption as some luxury-goods makers shuttered stores. Weak spending by tourists in Europe also weighed on demand, and leather-goods sales fell 11 percent at constant currency rates. Prada plans to widen product range, including the introduction of goods in the 1,000-euro to 1,200-euro price range, according to Vineet Sharma, an analyst at Barclays Plc.

“Given the weak and volatile trading, timing of new store openings, limited understanding on the success of the product launches, visibility and confidence on forecasts remains low,” Sharma wrote in a note dated Dec. 6.

Sales from the Far East, which represents more than a third of the total, dropped 13 percent, excluding currency shifts. “Trends have significantly deteriorated” in the region, the company said in a presentation.

Burberry Group Plc said last month it sees a tougher market for luxury goods after currency fluctuations and weak Asian demand led to a drop in earnings.

Prada has said profit margins will remain under pressure in the second half, while annual sales will be little changed.

The company said it plans to take measures to boost efficiency in the short term.

Source: Bloomberg
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Re: Prada 1913

Postby winston » Tue Mar 31, 2015 6:21 am

Now Prada looks to cut prices as Asia sales slip

Italian luxury goods company Prada announced a price cut on its sought-after goods in Asia, including Hong Kong, on the same day it reported its first drop in annual net profit since it listed in the SAR four years ago.

Growing retail sales in the Americas and Japan failed to offset declines in Greater China and Europe.

The company reported yesterday its 2014 net profit fell 28 percent to 450.7 million euros (HK$3.78 billion), slightly below forecasts, as overall annual sales dropped 1 percent.

Prada handbags and products will be slashed after Easter in Asia except in Japan, the company said.

Communication and marketing executive director Stefano Cantino did not say how much prices will be cut or the products involved.

He said the company would consider the price cuts in detail after Easter.

Earlier this month, French luxury brand Dior cut prices of Miss Dior and Soft Dior bags, but only slightly.

For example, a Miss Dior bag dropped 12 percent to HK$26,000 from the original HK$29,000.

Another French brand, Chanel, slashed prices by up to 20 percent in mid- March following the depreciation of the euro.

A Boy Chanel handbag went for HK$29,700, a discount of HK$8,000. Classic Flap Bag went for HK$38,000, down HK$10,000.

Asia Pacific sales, which accounted for more than a third of Prada's business, also fell 3.1 percent.

Like other luxury goods makers, Prada has seen weaker sales in China and Hong Kong amid a government crackdown on corruption, including bribery which often takes the form of lavish gifts to officials.

Rival LVMH, which sells a wide range of luxury goods including Louis Vuitton handbags, also noted weakness in the mainalnd and Hong Kong when it announced its annual results in February.

In a statement, Prada, which listed in Hong Kong in 2011, said there was still uncertainty in the international luxury goods market due to local issues and currency volatility.

Prada's 2014 net income of 450.7 million euros was lower than the 627.8 million euros it reported a year earlier and slightly below analyst forecasts of 475.9 million euros, according to Thomson Reuters SmartEstimate.

Prada shares had gained 14.6 percent this year as of market close on Friday, compared with a 3.7 percent rise in the benchmark Hang Seng Index.

The stock closed down 1 percent compared with a 1.5 percent rise in the Hang Seng Index yesterday.

Source: REUTERS
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Re: Prada 1913

Postby winston » Fri Aug 07, 2015 5:35 pm

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PRADA Half Year Consolidated Net Revenues Up 4% to EUR1.823B

PRADA (01913.HK) -0.300 (-0.787%) Short selling $13.40M; Ratio 14.137% announced the preliminary sales figures for the six months ended 31 July 2015.

The consolidated net revenues of the group amounted to EUR 1.823 billion, with a 4% increase compared to the corresponding period in 2014, entirely due to the retail channel which more than compensated for a decrease in wholesale channel sales.

The sales of the wholesale channel for the period totaled EUR248 million and are down by 14% at current exchange rates, in keeping with the strategy of rationalization of the network of wholesale partners.

Source: AAStocks Financial News
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Re: Prada 1913

Postby winston » Tue Aug 11, 2015 2:44 am

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Prada cuts prices after poor results by Jennifer Li

Prada SpA (1913), the Italian luxury brands operator of Prada and Miu Miu, finally kicked off a mark-down sale in Hong Kong and Macau to boost sales after announcing disappointing interim results.

Prada, without any advertising or billboards at its flagship store in Causeway Bay, has lowered prices for 80 percent of its products, with a discount of approximately 10 percent, local media reported.

Its popular Saffiano Lux Tote handbag is now on sale at HK$15,700, down 6 percent from its original price.

The price of another nylon handbag was cut by over 10 percent to HK$6,700.

Miu Miu was also found to have lowered the price of its tote bags, with cuts ranging from several hundred to more than HK$1,000.

The price adjustment is in response to the depreciation of the euro to US dollar, a Miu Miu saleswoman in Harbour City said.

The official currency of 19 European Union member states has fallen 18 percent since August 2014, amid shrinking luxury consumption.

Prada SpA's sales for the six months ended July 31 rose only 4 percent to 1.82 billion eruos (HK$15.48 billion), it said on Friday, failing to meet market expectation of 1.87 billion euros.

Despite a strong performance in Europe and Japan, the Asia Pacific sector, which contributed nearly 40 percent to total sales, showed "a similar negative trend as in the first quarter," the company said, without disclosing the sales number.

For the first quarter, sales from Greater China fell 19 percent excluding currency effects, according to its earlier statement.

Prada announced in March it would adjust its prices after Easter, but had not taken any action.

Its latest move comes after Chanel launched a 20 percent discount sale in the Asia market in March, which triggered a wave of panic-buying in the SAR. Burberry also adjusted its prices in the mainland, Hong Kong and Macau.

Shares of Prada ended 0.79 percent lower on Friday at HK$37.80 before the release of the interim results.

The share price marked a 28.27 percent drop from a year ago.

Source: The Standard HK
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Re: Prada 1913

Postby winston » Wed Sep 16, 2015 3:29 pm

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PRADA Once Leaps Nearly 11% on Better Than Expected Half Year Profit

PRADA (01913.HK) delivered interim profit of EUR189 million, beating Credit Suisse's estimates and market expectation for a profit of EUR180 million.

The stock opened higher more than 8% and breached above 20-day MA, with a gain of more than 11%.

It last printed at $33.5, further rising 8.4%, on doubling volume to 3.36 million shares.

Source: AAStocks Financial News
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