The company's success is underscored by its consistency, with 12 consecutive quarters of high-quality comparable growth. The Prada brand continued to experience strong demand, achieving double-digit, above-market retail growth of 12 percent year-on-year. The Miu Miu brand exceeded expectations, with an exceptional retail growth rate of 58 percent year-on-year.
Prada Group's FY23 revenue soared to 4.7 billion euros ($5.12 billion), up 17 percent year-on-year, with retail sales also up 17 percent to 4.2 billion euros ($4.57 billion). of dollars). The Prada and Miu Miu brands demonstrated growth, with Miu Miu sales up 58 percent year-on-year. Japan, Asia Pacific and Europe led sales performance. The EBIT margin reached 5 percent.
Geographically, Japan led the way with outstanding sales performance, followed closely by the Asia Pacific region and Europe, indicating widespread appeal of Prada's offerings in key markets, the company said in a press release.
Profitability saw further improvement, with earnings before interest and tax (EBIT) margin reaching 5 percent, translating to €1.1 billion (approximately $1.19 billion). This financial stability is further evidenced by the Group's net income, which experienced an increase of 44 percent. year-on-year to 671 million euros (approximately 731 million dollars).
“We are satisfied with the solid results obtained in 2023, supported by the attractiveness of our brands. “The group achieved high-quality growth in revenue and profits, building on excellent creative momentum, further improving its profitability and stepping up investments to support tomorrow’s growth,” he said. Patrizio Bertelli, president and CEO of the Prada Group.
Fiber2Fashion News Desk (DP)
