© Reuters. Prada products are seen at their store at the Woodbury Common Premium Outlets in Central Valley, New York, U.S., February 15, 2022. REUTERS/Andrew Kelly/File Photo
MILAN (Reuters) – Net revenues at Italian luxury group Prada (OTC:) rose 17% at constant exchange rates last year, broadly in line with analysts’ expectations, driven by growth in Asia and the outstanding performance of its Miu Miu brand.
The group said on Thursday net revenues totalled 4.7 billion euros ($5.1 billion) last year, after a “very positive” fourth quarter which also showed a 17% sales increase.
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,” Prada’s Chief Executive 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)
