Prada’s first-quarter sales up 22% on strong Asia, Europe growth

Sales at Italian luxury group Prada rose 22% in the first quarter to 1.065 billion euros ($1.17 billion), driven by a rebound in China and sustained growth in Europe.

“Over the course of the first quarter China returned to be an engine of growth, driving a solid sales rebound in Asia Pacific,” the group’s new Chief Executive Andrea Guerra said in a statement on Thursday.

“Our priority for the year remains increasing store productivity, focusing on retail execution.”

Guerra, speaking to analysts on a conference call, said that also April’s numbers were good.

In the Asia Pacific region, excluding Japan, retail revenues grew by 22% in the period. The group said China showed an acceleration towards the end of the quarter supported by an easier comparison basis.

In the Americas, where other luxury groups have already flagged a slowdown in the pace of growth, retail sales were up 5% at constant exchange rate in the first quarter.

But American shoppers are still buying overseas.

“Americans are not as dynamic as during the past year, but they are buying especially in Europe”, Guerra said.

This report’s information was first seen on REUTERS; to read more, click this link.