Prada closed the first quarter with a net profit up 13,5%. This growth was supported by sales in the Asia-Pacific region. The profit for the three months to 30 April stood at 138,2 million euro from 121,7 million in the same period last year. Consolidated revenues amounted to 782,3 million, up 13,9%, Ebitda was 240,8 million. The net financial position rose to 360,5 million euro from 312,6 million as at 31 January 2013.
The revenues of the quarter are characterized by opposite trends in the two main distribution channels. Store sales, equal to 678,7 million, mark an increase of 19,1%. The wholesale channel, on the other hand, recorded a contraction of 9,4%.
At a geographical level, Asia-Pacific marks an increase of 24,8%, thanks also to the contribution of the directly operated stores present in Greater China. A similar trend is seen in America, where wholesale is also showing significant growth. The European market was substantially unchanged, but with opposite dynamics in the two distribution channels: sales through the retail network, mainly favored by traveler flows, continue to benefit from a double-digit growth trend, while wholesale suffers a significant contraction. Finally, Japan recovered, even if the weakening of the yen led to a 1,8% drop in revenues in euro.
“2013 will be a year in which we will continue to remain focused on the international expansion of the retail network, without however diverting attention from strict control of costs and working capital, also with the aim of safeguarding cash generation” he commented the managing director Patrizio Bertelli in the note on the results.
