Italian high-end group Prada said Friday the nine-month profit dropped by twenty-seven. 6 percent to 319. 3 0 million euros ($394. 9 million) due to challenging market conditions but nevertheless , expressed confidence in the medium-term probability for the sector.
Sales at the number which also includes brands miu miu iphone 5, Church's shoes and Car Running shoes dipped 0. 9 percent toward 2 . 55 billion euros from a nine months to the end akin to October in its non-standard reporting current year.
Prada said the period was "characterised also by unfavourable exchange times trend for most of the nine a number of period and spoilt by a bit still enduring geo-political issues" via an earnings statement.
Chief executive Patrizio Bertelli said 2014 turned out to be more challenging valued at expected.
"On top of the ongoing grueling international economic environment, the luxury goods industry is undergoing a certain readjustment, the range and nature of which is not piece of equipment entirely clear, " said Bertelli.
However he expressed confidence from a medium-term growth outlook, which with the company's efforts to increase efficiency properly performance of its stores should assist to ensure Prada achieves satisfactory numbers of profitability.
All of its products lines watched increased sales in the nine months breathe life into for leather goods.
While the Asia-Pacific region had been a major source of improvement for luxury companies until a week ago, Prada's sales there dipped in 3. 1 percent, reflecting the political electoral unrest in Hong Kong.
Sales across Europe except Italy slumped in 4. 9 percent.
Japan documented strong 10. 3 percent sellings growth.
By brand, sales akin to Prada goods slipped 1 . 5%, while miu miu iPhone case recorded a one. 5 percent gain. Church's shoes watched sales climb 7. 1 percent, and thus those of Car (HKSE: 0699. HÄSTKRAFTER - news) shoe fell sixteen. 6 percent.
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