Strong leathergoods sales at Prada
High-end Italian fashion brand Prada has posted strong sales and profits for its first quarter ended April 30.
Revenues grew 47.9% to EUR686.7 million, up from EUR464.3 million (£375.2m) during the prior-year period.
Profits rose 111% to EUR121.7 million from EUR57.7 million during the first quarter of 2011.
According to Prada, a strong performance in both Europe and the Asia-Pacific region helped drive sales, with a particularly strong performance within its leathergoods divisions. Its Prada and Miu Miu brands recorded particularly high growth rates 53.2% and 30.8%, respectively.
"We are extremely pleased with the results achieved this quarter in terms of sales and profitability, especially as we have achieved them in an uncertain and very unpredictable international environment," said CEO Patrizio Bertelli.
"We are more certain than ever that we have chosen the
correct route to growth based on a balanced geographical presence around the
world and on the strength of our brands."
