MILAN, Italy — Prada SpA, the Italian maker of $2,950 leather handbags, reported first-quarter profit that missed analysts' estimates, weighed down by the strength of the euro and falling sales in Europe and Asia.

Net income in the three months through April fell 24 percent to 105.3 million euros ($143 million), Milan-based Prada said today in a statement. Analysts predicted 129.7 million euros, according to the average of seven estimates.

The euro’s strength against other currencies led revenue to fall 0.6 percent to 777.7 million euros, Prada said. That trailed the 812.1 million-euro average of analysts’ estimates. Sales in Asia Pacific fell 2.6 percent, which Prada attributed to a slowdown in South Korea, Hong Kong and Singapore. Revenue in Europe declined 4.1 percent.

“Management is closely monitoring the development of the markets, as far as geographies and products are concerned, in order to update, if appropriate, the guidance on the 2014 results,” Prada said in the statement.

The company in April said same-store sales will rise at a low single-digit pace this year, in line with trade group Altagamma’s 3 percent to 5 percent estimate for annual luxury- market growth.

The stock fell 1 percent to HK$57.40 in Hong Kong today, extending this year’s decline to almost 17 percent. The earnings were released after the close of trading.

By Andrew Roberts; Editors: Celeste Perri, Paul Jarvis