Prada Group reports 10 percent revenue growth for the first 9 months 2013
Prada Group continues its exceptional business performance, reporting revenues of Euro 2,576.1 million, up by 10.1% for the first 9 months of 2013 to Oct. 31 compared to the same period of 2012. At constant exchange rates, the rate of growth would have been 14.3%. EBITDA amounted to Euro 821 million and increased by 12.8% on the same period in 2012, representing 31.9% of consolidated net revenues. Net income has increased by 7.9% to Euro 440.9 million and represents 17.1% of consolidated net revenues.
Sales through directly operated stores (516 DOS at October 31, 2013) totaled € 2,182 million with a 13.8% increase compared to the first nine months of 2012. Meanwhile, wholesale channel sales decreased by 6.5%, in line with the selective strategy adopted in relation to independent retailers.
Japan and the U.S. were Prada Group’s best performing markets with sales increases of 18,6% and 13,5% respectively. Asia Pacific growth slowed down slightly in the third quarter but continued to be strong at 14.4%.
The Prada brand achieved double digit growth of +12.7% (+16.8% at constant exchange rates). Revenue growth was also achieved by Miu Miu, +2% (+7.1% at constant exchange rates) and Church’s, +2.2% (+5.6% at constant exchange rates). Meanwhile, Car Shoe revenues fell, largely because of the decline of the wholesale channel.
Prada Group has also confirmed it has adopted a voluntary disclosure policy, concentrating all its global financial activities in Italy, where the group is pursuing ample investments especially in manufacturing.