Milan–Prada SpA, which reportedly is examining options to revive an initial public offering, said today its nine-month profit “tripled” propelled by increased demand in the Asia Pacific region.
Net income rose to 156 million euros ( about $208.2 million), the company said today in a statement, without providing a year-earlier figure. Revenue increased 31% to 1.39 billion euros. Sales grew in all markets, rising 51% in Asia, excluding Japan, 27% in the United States and 20% in Europe.
Last month Prada indicted it was monitoring market conditions for a possible IPO and was considering a listing in Hong Kong, a move that could help free the company from a debt burden estimated at around 1 billion euros, partly a result of an acquisition spree in the 1990s.
The nine-month results “let us confidently look at” the group’s future development, Patrizio Bertelli, ceo, said in the statement.
Prada Stores Post 44% Increase
Revenue increased in both the wholesale and retail channels, with stores directly operated by Prada posting 44% growth, Prada said. Excluding new stores and currency fluctuations, retail sales climbed 23%t while sales through distributors rose 9%.
Gross Earnings advanced to 330 million euros, the company said, without providing a year-earlier figure. Prada operates 310 stores in 65 countries including Prada, Miu Miu, Church’s and Car Shoe labels.