Italian luxury goods firm Prada Group saw profits for the first nine months of the year exceed the whole of last year.

The company said that net profit was EUR156m (US$208m) for the three quarters to 31 October, equal to 11% of revenues.

Prada's sales for the period rose 31% to EUR1.39bn, with retail rising 44% and wholesale increasing by 9%. It saw sales to Asian markets including Japan more than double during the nine-month period.

Patrizio Bertelli, chief executive of Prada, said: "These data confirm that the retail network expansion is a winning strategy; these excellent results let us confidently look at the oncoming group's development."