Prada: 2013 preliminary sales a touch below consensus

BUY, Fair Value HKD87 (+37%)

News published on February Thursday 13, 2014
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Yesterday Prada reported FY13 preliminary sales of EUR3,586m (+9% and +13% FX-neutral) or 1.5% below consensus of EUR3,642m. Same-store sales growth (SSSG) for 2013 was +7% and remained in line with 9M 13 (+7%) despite a favourable comparison base (SSSG of +5% in Q4 12 vs. +18% in 9M 13). Prada did not deliver any precise guidance for 2014, only expecting “further progress in 2014”

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