Prada's 2014 down for first time since HK listing

Hong Kong

ITALIAN luxury goods company Prada SpA reported its first drop in annual net profit since it listed in Hong Kong four years ago, as growing retail sales in the Americas and Japan failed to offset declines in Greater China and Europe.

The company reported on Monday that its 2014 net profit fell 28 per cent to 450.7 million euros (S$671.4 million), slightly below forecasts, as overall annual sales dropped one per cent.