Italian fashion house Prada SpA increased revenue by 13% to €1.341bn in the first quarter, up from €1.187bn in the same period last year, according to reports.
Excluding changes in foreign exchange rates, the increase was 12.5 per cent.
Analysts on average had forecast €1.33bn, according to Visible Alpha.
The company’s retail sales in January-March were up 13% to €1.216bn. In particular, sales of the Prada brand were flat (€827m), while Miu Miu sales soared 60 per cent (to €377m).
In the Asia-Pacific region, sales rose 10% (to 438 million euros), in Europe – by 14% (to 334 million euros), in the Middle East – by 26% (to 70 million euros), in Japan – by 18% (to 172 million euros), in the Americas – by 10% (to 201 million euros).
Prada share prices fell by 1.2% at the end of trading on Wednesday on the Hong Kong Stock Exchange. Reporting was published after the end of trading. The market value of the company since the beginning of this year fell by 19.4%, while the Hang Seng stock index added 10.3%.
The company, originally called Prada Brothers and selling mainly leather goods, was founded in 1913 by Mario Prada and his brother Martino in Milan. In 1978 the company was inherited by Mario’s granddaughter Miuccia Prada.
Now the company is represented by more than 600 shops in more than 70 countries. The company’s brands include, among others, Miu Miu (youth line), Car Shoe (clothing and footwear) and Church’s (English shoe manufacturer). The company employs more than 15,200 people at its 26 factories.