Italy's Prada sees net profit jump thanks to Asia sales

MILAN, Italy — Italian luxury group Prada saw its net profit increase by 44 percent to 671 million euros (P41 billion) in 2023, thanks to strong Asia sales and a "very positive" fourth quarter.

Thursday's results are slightly higher than estimates by FactSet analysts, who had forecast an average profit of 651 million euros (P39.7 billion).

The label's turnover increased by 13 percent to 4.7 billion euros (P287 billion), driven by sales of Prada and Miu Miu, which is aimed at a younger clientele.

At constant exchange rates, Miu Miu's retail sales jumped 58 percent in 2023, buoyed up by a particularly good fourth quarter, which saw sales up 82 percent.

Prada's retail sales were up 12 percent on a year, and by 10 percent in the last quarter.

Retail sales in Asia, Prada's biggest market, increased last year to 1.4 billion eurosb(P85.4 billion) following a difficult 2022, during which some Prada stores in China had been closed during lockdowns.

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