Milan—Healthy gains in Asia and the Americas helped Prada SpA post a 9% increase in its 2013 sales results although lower European sales weakened the company’s growth.
For the year ended Jan. 31, the luxury footwear, apparel and accessories company reported Tuesday sales hit 3.59 billion euros (about $4.88 billion) compared with a 29% increase last year and a 10% increase in the first nine month of the year. The results also missed analysts’ average estimate for 3.67 billion in sales.
Geographically, the Americas and Asia Pacific both posted 11% increases over 2012. But European sales were up only 5%.
Sales in Japan were almost stable but were affected by the weakening of the yen against the euro, up 24% at constant exchange rates.
Sales at Prada’s retail stores increased 12% to 2.99 billion euros, while sales in the wholesale channels decreased by 7%, primarily due to the company’s streamlining of its wholesale network.
By brand, Prada reported an 11% increase while Miu Miu was up 1% and Church’s was up 3%.
Although Prada doesn’t release quarterly sales, Allegra Perry, analyst at Cantor Fitzgerald, estimated that the company’s fourth quarter organic sales increased 11% compared with 13% in third quarter.
Prada, which opened 79 new stores in 2013, now has about 540 stores total. That could put pressure on the company’s operating margin, according to Renaissance Capital analysts’ report. Nonetheless, they speculated that gross margin would reach an all-time high of 74.1% of sales for 2013.
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