{"id":7709,"date":"2023-05-12T06:56:56","date_gmt":"2023-05-12T10:56:56","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/pradas-first-quarter-sales-up-22-on-strong-asia-europe-growth\/"},"modified":"2023-05-12T06:56:56","modified_gmt":"2023-05-12T10:56:56","slug":"pradas-first-quarter-sales-up-22-on-strong-asia-europe-growth","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=7709","title":{"rendered":"Prada’s first-quarter sales up 22% on strong Asia, Europe growth"},"content":{"rendered":"
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\u00a9 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<\/span>
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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. <\/p>\n

“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.<\/p>\n

“Our priority for the year remains increasing store productivity, focusing on retail execution.” <\/p>\n

Guerra, speaking to analysts on a conference call, said that also April’s numbers were good.<\/p>\n

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. <\/p>\n

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. <\/p>\n

But American shoppers are still buying overseas.<\/p>\n

“Americans are not as dynamic as during the past year, but they are buying especially in Europe”, Guerra said. <\/p>\n

In Europe, retail sales rose 28%.<\/p>\n

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. <\/p>\n

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%.<\/p>\n

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.<\/p>\n

($1 = 0.9084 euros)<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 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 […]<\/p>\n","protected":false},"author":1,"featured_media":3776,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-7709","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nPrada's first-quarter sales up 22% on strong Asia, Europe growth | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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