• Q3 profit grows 9% to EUR133m 
  • Revenues rise 7% to EUR839.6m
  • Boosted by the Middle East and Americas 

Italian fashion house Prada posted a 9% increase in third-quarter profit, helped by higher demand in the Middle East and the Americas, and ongoing store expansion.

The company today (20 December) said net income reached EUR133m (US$181.7m) during the three months to 31 October, compared to EUR122m in the same period of last year.

Retail sales rose 11% to EUR759.6m, while wholesale revenues fell 16% to EUR80m. Total sales reached EUR839.6m, up 7% on EUR783.3m in the year before.

In Italy, sales rose 3%, while Europe grew 5%, the Americas 14%, and Asia Pacific 8%. By brand, Prada revenues grew 10%, while Miu Miu, Church's, and Car Shoe, reported respective declines of 2%, 3% and 10%.

CEO Patrizio Bertelli said: "In a quarter again affected by unfavourable foreign exchange trends and a general slowdown in consumption, the Prada Group continued to grow also through retail network expansion, while maintaining the high levels of profitability already achieved.

During the first nine months of the year, net income increased 7.9% to EUR440.9m, while revenue reached EUR2.58bn, up 10.1% on the prior year.

"We are satisfied with these results which encourage us to continue along a path of long-term growth, based on a balanced presence in all markets and on the undisputed stylistic leadership of our brands," Bertelli added.