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Prada earnings soar by 50%

Luxury Italian fashion group Prada saw EBITDA rocket by 50% in the first three quarters of its current financial year.

Reporting on its progress for the nine months to October 31, the luxury brand saw revenues increase 35% to €2,339m (£1,889m), up from €1,730m reported in the first nine months of 2011.

EBITDA rose by 50% to €727.9m, with Prada’s retail channel making the greatest contribution towards revenue growth.

Wholly owned standalone stores generated revenues €1,917m, a 43% increase on the same period last year, while wholesale rose 6% to €390m.

Prada’s own brand saw 39% growth, while Miu Miu grew by 21%, Church by 15% and Car Shoe by 8%.

Double digit growth was achieved in all markets, including Europe.

“It has been another extremely satisfactory quarter,” said chief executive Patrizio Bertelli. “The group has continued to grow at a rate that has exceeded our expectations but great care has still been paid to cost control and working capital management.”

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