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Prada (HK:1913) FY16 Results: Very Tough Year, Although Trends Improved in Second Half

Executive Summary

  • Prada reported revenue of €3,184 million for FY16, down 10.3% year over year and slightly higher than the consensus estimate of €3,182 million.
  • Reported EPS was €0.11 for the period, down almost 16% and below the consensus estimate of €0.12.
  • The weakness in the top line in FY16 was due to declines across all regions and product categories. The Asia-Pacific region and the leather goods product category suffered the steepest declines. Profitability metrics also fell,and the company’s operating margin contracted by 70basis points year over year.

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