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Prada net profit fall 28%

Italian luxury goods retailer Prada saw its net profit fall 28% last year as sales reduces  in major markets of China , HongKong , Macau and Europe.

The firm's net income last year was €451m ($490m; £330m) for the year ending 31 January where €628m a year ago. Analyst were expecting the net income to be €476m but it fell short proving the expectation of Analyst wrong.

.Asian market sales fell 3% in the time period with much of the decline coming from the Hong Kong and Macau markets whereas Asia-Pacific region records to be the third - over 35% of the group's sales making it the biggest market for Prada.

Last year due to pro-democracy protest most of the major markets in Hong Kong was closed which results the decline in the number of mainland Chinese tourists. 

In other major markets like Europe, Prada sales fell nearly 5%. The losses were given a boost by sales growing slightly in North America and Japan, where sales jumped nearly 8%.

The company has said that it would have to cut costs and open fewer stores than they had planned because of the results.