Prada reports 75% net income increase for Q3
Italian leathergoods fashion house Prada has reported third-quarter profit that beat some analysts’ estimates and has said it is confident of consolidating its performance over the year.
Net income rose 75% to EUR93.6 million in the three months ended October 31, 2011, compared with the year-earlier period. The average of two analysts’ estimates compiled by Bloomberg was for profit of EUR89.9 million. Revenue advanced 33% to EUR596.1 million.
Prada plans to open about 80 stores annually over three years. The company’s retail sales pattern in November is in line with previous months, Prada said. While the luxury-goods maker is ready to react to defend profitability, “we remain highly confident about the potential of the luxury market,” it said.
