Italian luxury brand Prada recorded a jump in third quarter net income as the group worked to grow its retail channel.
The company said net income rose 30.4% over the quarter ending October 31 to reach EUR122.1 million, against EUR93.6 million in the same period of the prior year.
Revenue increased 32.9% to EUR791.9 million, which it attributed to the 36.8% growth recorded in the retail channel. On a same-store basis, retail sales grew 14% over the quarter.
The wholesale channel recorded a 10.6% increase in sales to reach EUR95.7 million.
The Prada brand recorded a 37.5% increase in sales to EUR643.2 million, while Miu Miu recorded 14.6% growth to reach EUR114.7 million.
“It has been another extremely satisfactory quarter,” said CEO Patrizio Bertelli.
“The group has continued to grow at a rate that has exceeded our expectations but great care has still been paid to cost control and working capital management. This has enabled us further to improve our profitability and cash flow. The Prada Group has again shown that it has the necessary ability and spirit of initiative to generate positive results, even in the difficult current international economic climate.”
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