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Prada posts strong first quarter performance

May 12, 2023 Italy
Prada posts strong first quarter performance
The Italian-based luxury group started 2023 with revenue growth of 22% in the first quarter, year-over-year, driven by the high desirability of both Prada and Miu Miu brands
“Prada Group has had a positive start to the year. Over the course of the first quarter, China returned to be an engine of growth, driving a solid sales rebound in Asia Pacific. Our priority for the year remains increasing store productivity, focusing on retail execution. Meanwhile, we will continue to invest behind our brands, our stores, and our infrastructure for the growth of tomorrow. The ever-evolving macro and market backdrop requires us to be vigilant, but we see benefits in accelerating these investments, if conditions remain supportive”, commented Andrea Guerra, Group Chief Executive Officer of Prada.

First Quarter Results

In the first quarter of 2023, the Prada group posted a net revenue increase of 22%, as compared to the same period of last year, reaching 1.07 billion euros. Moreover, Prada's retail channel recorded a sales growth of 23% in the first quarter of the current year to 953 million euros, year-over-year, “driven by strong like-for-like and full-price sales”.  

The company underlined the high desirability of both Prada and Miu Miu brands, despite the uncertain economic environment. In fact, Prada brand's retail sales were up by 21% at constant exchange rates, while Miu Miu's retail sales rose by 42% in this period, on a comparable basis to the same period of the prior year.

The group's retail sales grew by 22% in this period, led by China's return to growth at the end of 2022, as well as a solid performance in Southeast Asia, and by 55% in Japan, due to the company's “recent investment in the retail network, solid domestic demand, and increased tourism flows”, on a comparable basis to the first quarter of last year.

In Europe, Prada's group retail sales were up by 28%, driven by tourism and local consumption. Meanwhile, growth in America was moderate in the first quarter of 2023, at 5% year-over-year, and the Middle East registered a growth of 15%, “albeit in moderation versus the previous quarter”.

At a group level, in the three months to the 31st of March, the leather goods segment grew by 14% at constant exchange rates, the ready-to-wear segment by 38%, and the footwear segment by 20%, as compared to a similar period of the previous year.


Image Credits: purseblog.com

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