Prada Warns Turnaround to Take Longer Than Expected
- Fashion brand’s first-half earnings miss analysts’ estimates
- Prada closed another 13 stores in period amid online push
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Prada SpA warned that its turnaround plan may take longer than expected as the Italian maker of $2,200 leather totes and $495 Velcro sandals struggles to keep up with rivals’ online expansion and stem a decline in sales.
First-half revenue dropped 5.7 percent as the strong euro cut into tourist spending in Europe in recent months, Milan-based Prada said Friday. In New York, sales from a store on Fifth Avenue have been disrupted by demonstrators against President Donald Trump, Chief Executive Officer Patrizio Bertelli said on a call with analysts.