Prada 3Q Profit Drops 44%, More Than Analysts Expected

MILAN, Italy -- Prada SpA reported a 44 percent drop in third-quarter profit as weaker spending by wealthy Chinese consumers weighed on the luxury-goods maker's revenue growth. Net income fell to 74.5 million euros ($92 million) in the three months through October from 132.6 million euros a year earlier, the Milan-based seller of brands including Miu Miu and Church's said in a statement today. Sales fell 5.6 percent to 801 million euros. A lack of new handbags in the 1,000-euro to 1,500-euro pri...