Italy's Prada hits 16-month high on upbeat sales, revenue growth forecast

Prada SpA

10/03/2023 04:14

** Shares of Italian luxury group Prada  1913.HK  rise as
much as 4.4% to HK$56.55, their highest since November 2021
    ** Stock set for biggest daily pct rise since Feb 8, if
gains hold
    ** Prada said on Thursday it expects revenue growth to
outpace rivals this year, after sales exceeded analyst
expectations in 2022, due to a strong performance in Europe
    ** The luxury fashion group could exceed 4.5 bln euros ($4.8
bln) in revenue this year, passing its medium-term target ahead
of schedule, its leading shareholder Patrizio Bertelli told
Reuters 
    ** Hang Seng Commerce & Industry Index  .HSNC  plunges 2.9%
and Hang Seng Consumption Index  .HSCGSI  falls 1.4%
    ** Hang Seng Composite Index  .HSCI  declines 2.4% and Hang
Seng Index  .HSI  drops 2.5%
    ** As of last close, stock up 22.8% this year

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))