© Reuters. FILE PHOTO: Prada signage is seen at their store at the Woodbury Common Premium Outlets in Central Valley, New York, U.S., February 15, 2022. REUTERS/Andrew Kelly
MILAN (Reuters) -Sales at Italian luxury group Prada (OTC:) rose 22% in the first quarter to 1.065 billion euros ($1.17 billion), driven by a rebound in China and sustained growth in Europe.
“Over the course of the first quarter China returned to be an engine of growth, driving a solid sales rebound in Asia Pacific,” the group’s new Chief Executive Andrea Guerra said in a statement on Thursday.
“Our priority for the year remains increasing store productivity, focusing on retail execution.”
Guerra, speaking to analysts on a conference call, said that also April’s numbers were good.
In the Asia Pacific region, excluding Japan, retail revenues grew by 22% in the period. The group said China showed an acceleration towards the end of the quarter supported by an easier comparison basis.
In the Americas, where other luxury groups have already flagged a slowdown in the pace of growth, retail sales were up 5% at constant exchange rate in the first quarter.
But American shoppers are still buying overseas.
“Americans are not as dynamic as during the past year, but they are buying especially in Europe”, Guerra said.
In Europe, retail sales rose 28%.
Guerra also said there was a little bit of rebound in European sales linked to Chinese travellers but he expects a stronger rebound in the second half of the year.
Prada, which has started publishing quarterly data again, said retail sales at the Prada brand increased by 21% at constant exchange rates and at Miu Miu by 42%.
Asked about a potential dual listing for Prada, Chief Financial Officer Andrea Bonini said that group was not in a position to give an update in terms of timing.
($1 = 0.9084 euros)
Read the full article here
