March 18, 2020 / 1:06 PM / 22 days ago

CORRECTED-Italy's Prada reports 2.7% rise in full-year sales, flags hit from coronavirus

(Corrects to say “current” exchange rates, not “constant” in paragraph 1)

March 18 (Reuters) - Sales at Italian fashion group Prada rose by 2.7% at current exchange rates in 2019, but warned that it expected a negative impact on 2020 results due to the coronavirus outbreak.

The luxury goods maker said it was implementing a comprehensive contingency plan to mitigate the effects without giving further details.

Earnings before interest and taxes (EBIT) declined 5.3% to 306.8 million euros ($336.31 million) last year, hit by ongoing measures to reduce markdowns and scale down the wholesale distribution network.

Analysts had expected revenue of 3.21 billion euros and an operating profit of 306 million euros, according to Smart Estimates provided by Refinitiv.

The results came out after the market close in Hong Kong, where Prada is listed.

The company had previously cancelled a scheduled conference call with analysts that should have taken place after the press release due to the spread of the coronavirus outbreak and a nationwide lockdown imposed by the Italian government until early April. ($1 = 0.9122 euros) (Reporting by Claudia Cristoferi in and Niyati Shetty, editing by Louise Heavens)

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