Home World News Prada’s share price rose 16% due to its excellent performance last year

Prada’s share price rose 16% due to its excellent performance last year

0
Prada’s share price rose 16% due to its excellent performance last year

ItalyBoutique brand Prada’s revenue and profit were better than expected last year, mainly due to strong sales of its Miu Miu brand and the flagship Prada brand, as well as growth in Asia-Pacific sales. It also evaluated the situation in January and February of the year and the previous quarter. similar to strong, inspiringhong kongThe listed share price rose 16% intraday on the 8th, which is expected to be the largest single-day increase since its Hong Kong listing in 2011.

Prada’s net profit last year rose 44% to 671 million euros, and net revenue rose 17% to 4.73 billion euros ($5.15 billion), more than analysts expected.

Miu Miu brand sales increased 82% last quarter and are up 58% for the year; Sales of the core Prada brand rose 10% last quarter and 7.4% for the year. Lyst Index, which tracks mentions of brands and products on social media and search websites, reported that Prada was the “hottest” brand name last season, with Miu Miu in second place.

is pradaJapanSales were strong in both the market and Asia Pacific ex-Japan last year, with revenues increasing 44% in Japan and 24% in Asia Pacific ex-Japan, partially due to the short base period. Revenue in Europe grew 14% last year, while revenue in the US remained flat.

Looking ahead to 2024, CEO Andrea Guerra said trends in January and February were similar to the previous quarter. The company remained cautious about “continued general and geopolitical uncertainty”, but still planned to achieve growth rates that exceeded market expectations.

Citi analysts Jowett and Bracco reported that Prada’s sales increased 13% last quarter, according to Citi calculations, making it one of the few boutique companies with double-digit revenue growth last quarter. Miu Miu’s sales growth was partly due to increased demand for handbags, and increased brand awareness in China.

finance

LEAVE A REPLY

Please enter your comment!
Please enter your name here