Prada's Hong Kong shares fall most in a year on Q4 concerns

Prada SpA

01/11/2023 04:40

** Hong Kong shares of Italian fashion group Prada  1913.HK 
 fall 6.9% to HK$43.75
    ** Stock heads for biggest one-day pct drop since Nov. 3,
2022 if losses hold  
    ** Stock hits lowest since Oct. 20, snapping two sessions of
gain
    ** Prada  1913.F  reported 10% rise in Q3 revenue on
Tuesday, just ahead of analysts' expectations of a 9.3% rise, on
strong performance in Asia and Europe compensating for weakness
in the Americas 
    ** CEO Andrea Guerra said he was happy with October, noting
that November and December were more important months for
business
    ** Goldman Sachs maintains "neutral"; says Prada's
management highlighted solid October trading with continuation
of Q3 trends, adds Prada also highlighted challenging macro
conditions ahead of important November-December sales period  
    ** UBS keeps "buy", says it maintains a conservative
approach to Q4 estimates in current slowing demand environment

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