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Prada shares soar 20 percent as firm returns to sales growth

Reuters  |  HONG KONG 

HONG KONG (Reuters) - Shares in Prada surged 20 percent on Monday after the Italian luxury goods maker said it had stemmed a slide in sales in the second half of 2017 and it expected to see growth continue this year.Criticised as slow to respond to new trends, particularly for informal clothes and shoes, Prada has seen profit fall since 2014 even as competitors such as Kering and LVMH have boosted sales. Core profit dropped 7.3 percent last year to 588 million euros.New products, estimated to be about 60 percent of its total offerings, as well as robust demand from Chinese consumers, had ...

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First Published: Mon, March 12 2018. 10:40 IST