Italian luxury group Prada said on Thursday its 2023 net revenues rose 17% at constant exchange rates, driven by growth in Asia and the outstanding performance of its Miu Miu brand, and expects to outperform the market this year.
The group’s net revenues totalled 4.7 billion euros ($5.1 billion) last year, broadly in line with analysts’ expectations, after a “very positive” fourth quarter which also showed a 17% sales increase.
The two first months of 2024 showed a similar trend to the one reported in the fourth quarter, Prada’s Chief Executive Andrea Guerra told analysts in a conference call.
In 2023 as a whole, sales in the Asia Pacific area rose 24%, Europe grew 14% after slowing down in the second half, and sales in the Americas were flat.
Prada’s adjusted operating profit rose 26% to 1.06 billion euros last year.
“As with 2023, while quarterly growth trajectory may not be linear through the year, we retain our firm ambition of delivering solid, sustainable, above-market growth,” CEO Andrea Guerra said in the statement.
The group, which owns the eponymous brand as well as Miu-Miu, Church‘s and Car Shoe, proposed a divided of 0.137 euros per share.
