For the year ended January 31, Prada’s net revenue reached 3.3 billion euros (about $4.4 billion), beating analysts’ average estimate for 3.31 billion euros. Excluding currency fluctuations, sales were up 23%.
“The strength of our brands, our ability to interpret and anticipate market trends and our global retail network continue to form the basis for our long-term growth strategy,” said Patrizio Bertelli, Prada’s chief executive.
In December, Prada predicted strong full year sales results as luxury consumers spent more on higher priced luxurygoods and Asian tourists bolstered sales in Europe.
By region, sales rose 19% in Italy and 33% in the rest of Europe. The Asia-Pacific region posted a 23% increase excluding currency swings. In the Americas, sales rose 15% and 8% in Japan.
Its Prada brand had a biggest increase at 33%. Miu Miu was up 16%.
Wholesale revenue was up 6% even with a decline in outlets. Sales at Prada’s own stores increased 29%.
Retail sales, which now account for 82% of total revenue. Comparable store sales were up 14% in line with the company’s forecast for a mid-teens percentage increase.
Prada tentatively plans to report full year results on April 5.