Prada 2012 Sales Surge 29 Percent on European Demand for Luxury

Prada Spring/Summer 2013 | Source: Prada

MILAN, Italy — Prada SpA, an Italian maker of $1,150 studded leather slippers, reported a 29 percent increase in full-year sales, led by demand in Europe and Asia.

Revenue climbed to 3.3 billion euros ($4.4 billion) in the 12 months through January, the Milan-based company said today in a statement. The average of 28 analysts’ estimates compiled by Bloomberg was 3.31 billion euros. Excluding currency swings, sales advanced 23 percent.

Prada said in December it was confident of positive full- year results as shoppers spent more on higher-priced goods and Asian tourists helped buoy demand in Europe. Fourth-quarter sales advanced 14 percent, excluding currency moves, even as the company limited markdowns, Prada said today. That compares with a 12 percent gain at Gucci owner PPR SA and 19 percent at Hermes International SCA in the last three months of 2012.

“The strength of our brands, our ability to interpret and anticipate market trends and our global retail network continue to form the basis for our long-term growth strategy,” Prada Chief Executive Officer Patrizio Bertelli said in the statement.

Full-year sales climbed 33 percent in Europe excluding Italy and 23 percent in the Asia Pacific region, excluding currency swings, Prada said. Same-store sales advanced 14 percent, meeting the company’s forecast of a percentage increase in the mid-teens.

–Editors: Thomas Mulier, Celeste Perri