Prada sales rose 17% last year, driven by Asia, Miu Miu brand (updated)

Prada SpA

07/03/2024 16:34

(Adds comments from conference call)
       MILAN, March 7 (Reuters) - Italian luxury group Prada
 1913.HK  said on Thursday its 2023 net revenues rose 17% at
constant exchange rates, driven by growth in Asia and the
outstanding performance of its Miu Miu brand, and expects to
outperform the market this year. 
    The group's net revenues totalled 4.7 billion euros ($5.1
billion) last year, broadly in line with analysts' expectations,
after a "very positive" fourth quarter which also showed a 17%
sales increase. 
    The two first months of 2024 showed a similar trend to the
one reported in the fourth quarter, Prada's Chief Executive
Andrea Guerra told analysts in a conference call. 
    In 2023 as a whole, sales in the Asia Pacific area rose 24%,
Europe grew 14% after slowing down in the second half, and sales
in the Americas were flat.
    Prada's adjusted operating profit rose 26% to 1.06 billion
euros last year.
    "As with 2023, while quarterly growth trajectory may not be
linear through the year, we retain our firm ambition of
delivering solid, sustainable, above-market growth," CEO Andrea
Guerra said in the statement.
    The group, which owns the eponymous brand as well as
Miu-Miu, Church's and Car Shoe, proposed a divided of 0.137
euros per share.
    
 ($1 = 0.9174 euros)

 (Reporting by Elisa Anzolin
Editing by Keith Weir and Elaine Hardcastle)
 ((elisa.anzolin@thomsonreuters.com; 0039 0266129692;))