Prada reports 15.9 percent fall in 2016 annual profit

Luxury fashion group Prada SpAon Wednesday reported a 15.9 percent fall in annual profit as global luxury spending remained soft and as it sold more accessible products in competitive market.In the year ended Jan. 31, Prada reported net income of 278.3 million euros (236.48 million pounds), down from 330.9 million euros a year earlier.Analysts were expecting net income of 296 million euros, according to Thomson Reuters SmartEstimate data.