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Prada Group reports strong first quarter

Italian luxury fashion house Prada Group saw its sales jump 26% to 366m (£313m) in its first quarter to April 30.

The revenue hike was above the company’s expectations and was driven by a particularly strong retail performance in all its markets, including Europe.

Prada Group’s retail sales rose 36% in the quarter.

EBITDA for the period came in at 64m (£54.8m), up from 11m (£9.4m) in the first quarter of 2009.

The Prada Group, which owns the Prada, Miu Miu, Car Shoe and Church’s brands, reported that sales were up 18% in Europe, 33% in the US and 62% in the Far East.

Prada Group said the strong performance was a result of its strategy to focus on retail and open more company-owned stores. The company now has 280 directly operated stores in 76 countries.

Prada Group has since continued to expand its retail reach worldwide. It opened two Prada stores in Shanghai in May and is due to open further Prada and Miu Miu stores in Bologna, Italy; Frankfurt, Germany and Lisbon, Portugal within the second quarter.

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