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Prada reports strong first quarter sales

Luxury Italian fashion brand Prada has reported strong sales and profits in its first quarter to April 30, 2012.

The brand said that a strong performance in both Europe and the Asia-Pacific region helped drive sales, with a particularly strong performance on leather goods.

Profits at the brand climbed to €121.7m (£98.4m), up 111% from €57.7m (£46.6m) in the same period the previous year.

Revenues increased by 47.9% to €686.7m (£555m) up from €464.3m (£375.2m) in the year prior.

Like-for-like sales growth was also significant up 19% on the same period the previous year, while the brand’s wholesale channel enjoyed 41.5% growth during the quarter.

All brands in the group contributed towards the results, with Prada and Miu Miu recording particularly high growth rates 53.2% and 30.8%, respectively.

“We are extremely pleased with the results achieved this quarter in terms of sales and profitability, especially as we have achieved them in an uncertain and very unpredictable international environment,” said Patrizio Bertelli chief executive of Prada.

“We are more certain than ever that we have chosen the correct route to growth based on a balanced geographical presence around the world and on the strength of our brands.”

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