Pursuits
Prada CEO Under Pressure as Profit Falls to Five-Year Low
- Italian fashion company says short-term forecast uncertain
- Profit missed analysts' estimates in 11 of past 12 quarters
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Prada SpA reported its lowest profit in five years on ebbing demand in Asia and said it’s impossible to make any forecast this year, increasing the pressure on Chief Executive Officer Patrizio Bertelli to revive the Italian fashion company’s brands.
Net income fell 27 percent to 330.9 million euros ($376 million) in the year through January, the maker of Miu Miu handbags and Church’s shoes said Friday in a statement. Analysts had estimated 348 million euros. Profit has missed forecasts in 11 of the past 12 quarters.