Prada archives a first quarter characterized by a strong growth in earnings and revenues, exceeding expectations despite the uncertainties of the international context thanks to solid progress in all geographical areas, led by Europe favored by the growing flow of tourists. In particular, net income more than doubled to 121,7 million euros, an increase of 111% compared to 57,7 million in the same period of 2011.
"Today more than ever, we are convinced of the validity of our growth path based on a balanced global geographical presence and on the strength of our brands", he comments in the note on the results CEO Patrizio Bertelli. "While remaining confident in our ability to achieve the objectives we have set ourselves, we will pay particular attention to the evolution of the economic situation of the various countries, to ensure that our medium-term growth strategy is consistent with the needs of the various markets".
In the first quarter, which ended on 30 April, net income therefore more than doubled, exceeding expectations by 98 million according to Thomson Reuters SmartEstimate estimates. Net revenues amounted to 686,7 million, up by 47,9% and against expectations for 640 million, Ebitda rises by 77,2% to 200,1 million (a 29,1% margin on revenues). Cash generation made it possible to finance investments for the period, amounting to 55,3 million euro, and to improve the group's net financial position which, as at 30 April 2012, was positive by 122,4 million.
The group continued the international expansion strategy of the retail network, opening eight new stores in the first three months and another seven in the following weeks, bringing the total of DOS (directly managed stores) to 402 to date. Geographically Europe recorded +55,5% in the quarter, Asia Pacific grew by 46,9%, America recorded +34,1% and Japan +38,7%.
