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European and Asian clients boost Prada
Source: Bloomberg News |
February 20, 2013, Wednesday
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Print Edition
Print Edition
PRADA SpA, an Italian maker of US$1,150 studded leather slippers, reported a 29 percent increase in full-year sales, led by demand in Europe and Asia.
Revenue climbed to 3.3 billion euros (US$4.4 billion) in the 12 months through January, the Milan-based company said yesterday in a statement. The average of 28 analysts' estimates compiled by Bloomberg News was 3.31 billion euros. Excluding currency swings, sales rose 23 percent.
Prada said in December it was confident of positive full-year results as shoppers spent more on higher-priced goods and Asian tourists helped buoy demand in Europe. Fourth-quarter sales gained 14 percent, excluding currency moves, even as the company limited markdowns, Prada said. That compares with a 12 percent gain at Gucci-owner PPR SA and 19 percent at Hermes International SCA in the last three months of 2012.
"The strength of our brands, our ability to interpret and anticipate market trends and our global retail network continue to form the basis for our long-term growth strategy," Prada CEO Patrizio Bertelli said in the statement.
Full-year sales climbed 19 percent in Italy, 33 percent in the rest of Europe and 23 percent in the Asia-Pacific region, excluding currency swings, Prada said. Sales gained 15 percent in the Americas and 8 percent in Japan on the same basis.
Growth was driven mainly by the Prada and Miu Miu brands, which grew 33 percent and 16 percent, the company said.
Sales in Prada's own stores rose 29 percent, while wholesale revenue grew 6 percent, excluding currency swings.
Revenue climbed to 3.3 billion euros (US$4.4 billion) in the 12 months through January, the Milan-based company said yesterday in a statement. The average of 28 analysts' estimates compiled by Bloomberg News was 3.31 billion euros. Excluding currency swings, sales rose 23 percent.
Prada said in December it was confident of positive full-year results as shoppers spent more on higher-priced goods and Asian tourists helped buoy demand in Europe. Fourth-quarter sales gained 14 percent, excluding currency moves, even as the company limited markdowns, Prada said. That compares with a 12 percent gain at Gucci-owner PPR SA and 19 percent at Hermes International SCA in the last three months of 2012.
"The strength of our brands, our ability to interpret and anticipate market trends and our global retail network continue to form the basis for our long-term growth strategy," Prada CEO Patrizio Bertelli said in the statement.
Full-year sales climbed 19 percent in Italy, 33 percent in the rest of Europe and 23 percent in the Asia-Pacific region, excluding currency swings, Prada said. Sales gained 15 percent in the Americas and 8 percent in Japan on the same basis.
Growth was driven mainly by the Prada and Miu Miu brands, which grew 33 percent and 16 percent, the company said.
Sales in Prada's own stores rose 29 percent, while wholesale revenue grew 6 percent, excluding currency swings.
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