Prada: FY 2012 sales broadly in line due to a negative Chinese New Year shift
BUY, Fair Value HKD82 (+13%)
Yesterday Prada reported FY12 preliminary sales of EUR3,297m (+29% and +23% FX-neutral), a touch below Bloomberg consensus of EUR3,313m. SSSG for 2012 came to +14%, which implies +7% in Q4 (vs. BG +10%e and +14% in Q3 12). This confirms that Prada was negatively impacted by the shift in the Chinese New Year and less mark-downs. However this shift in the CNY is positive for February and the group witnessed a favourable price-mix evolution (less mark-downs).
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