• Q1 net income up 111% to EUR121.7m 
  • EBITDA increases 77.2% to EUR200.1m
  • Revenues up 47.9%

Italian luxury fashion house Prada has seen its first-quarter net profits more than double on the back of increased sales in Europe.

Net income surged 111% to EUR121.7m (US$152.7m) for the quarter ended 30 April, compared to EUR57.7m the same period last year. EBITDA increased 77.2% to EUR200.1m.

Meanwhile, consolidated net revenues reached EUR686.7m, up 47.9% or 41.5% at constant exchange rates compared to last year, while same store sales rose 19%.

Prada sales grew 53.2%, while sales of its Miu Miu line jumped 30.8%. Sales in Europe grew 55.5%, while sales increased 46.9% in Asia Pacific, 34.1% in the Americas and 38.7% in Japan.

All product categories contributed towards the group's net revenue growth. Leather goods increased 58.2%, and now account for more than 62% of consolidated sales; while clothing and footwear jumped 29.7% and 36.3% 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, CEO 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.

"We remain confident of our ability to achieve our objectives and shall closely monitor the economic situation in the countries where we operate to ensure that our strategy of medium-term growth is compatible with requirements on the various markets."