Italy: Prada sustains growth

1 September 2013

The Prada Group has confirmed its strong rate of growth in the first half of financial year 2013, in line with the positive trend seen in the first quarter.

Consolidated net revenues amounted to €1,727 million, an 11.6% increase on €1,547 million for 1H12.

At constant exchange rates, there was 14.8% growth.

Sales through directly operated stores reached €1,422 million, an increase of 15.6% thanks to both newly opened stores and Same Store Sales Growth (SSSG) of +7%.

Meanwhile, the wholesale channel recorded a 3.5% drop in sales after the selective strategy adopted by the Group which led to a reduction in the number of wholesale partners by more than one hundred.

The Asia Pacific market grew by 17.7% with a significant contribution made by Greater China.

The Americas market recorded 13.5% growth, thanks to results achieved in the retail channel. The European market was boosted, above all, by the high number of tourists and achieved 5.7% growth with the retail channel in line with 1Q13, which recorded double digit growth. In Japan there was 16.4% growth at constant exchange rates, though this was not reflected in its Euro equivalent sales because of the persistent weakness of the yen.

The Prada brand recorded further growth of 14.3%. Miu Miu, +3.7% and Church's (+5.1%) also performed well, while the revenues of Car Shoe fell because of the overall reduction in the wholesale channel.

In the first half of financial year 2013, the Group continued to expand its retail network, opening 30 new stores and taking the total number of DOS (directly operated stores) to 491 at the end of July 2013: 301 Prada stores, 133 Miu Miu stores, 49 Church's stores and 8 Car Shoe stores.

Patrizio Bertelli, Chief Executive Officer of Prada SpA, commented: "In an increasingly more extensive and global market for luxury goods and in an extremely volatile international economic environment, the Prada Group continues to achieve strong growth, proceeding with conviction and determination along its chosen path of development. We shall continue to base our long term growth strategy on the balanced international expansion of our retail network, achieving efficiency in all areas and constantly seeking quality and stylistic innovation."



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