Prada, whose stylist Miuccia Prada is considered one of the world’s most innovative designers, said revenue in the quarter to end-April grew above the company’s expectations to $452.7 million.
Much of the increase could be attributed to the company’s strategy of building its own stores. That paid off especially in Asia where the company is focusing on opening new stores. A 36%jump in retail sales was led by a 62% increase in the Far East. Store sales rose 33% in the United States and 18% in Europe, the company said.
Prada, which earlier this year denied it was in talks to sell a stake to Compagnie Financiere Richemont, said earnings before interest, taxes, depreciation and amortization rose almost sixfold to $79.5 million.
Prada’s sales and profit increases follow other luxurygoods conglomerates’ increases, a signal that the luxury consumer is spending again.
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