The Italian fashion group Prada SpA closed the 2022 financial year with strong growth in sales and earnings. Executive Director Patrizio Bertelli was correspondingly satisfied when the current figures were presented on Thursday. “Prada Group achieved excellent results in 2022,” he said in a statement. According to Bertelli, the growth engine was the own retail trade of the two group brands Prada and Miu Miu.
Overall, Prada Group sales reached EUR 4.20 billion last year, exceeding the 2021 level by 25 percent. Adjusted for exchange rate changes, revenues grew by 21 percent. Sales in the company’s own retail business increased by 28 percent (currency-adjusted +24 percent) to 3.74 billion euros.
In the wholesale business, revenues of EUR 388 million were just above the previous year’s figure (+0.5 percent), although adjusted for currency effects they fell by two percent. License income increased by 55 percent to 76 million euros.
The group was able to improve its retail sales in all market regions. In the Asia-Pacific region, however, business development was slowed down by the temporarily tightened protective measures against the Covid 19 pandemic in China. The corresponding revenues there grew by only three percent (currency-adjusted -2 percent) to 1.23 billion euros.
Things looked much better in the rest of the world. Retail sales in Europe increased by 59 percent (currency-adjusted +63 percent) to 1.19 billion euros, in America by 37 percent (currency-adjusted +22 percent) to 782 million euros and in Japan by 24 percent (currency-adjusted +31 percent) to 369 million euros. In the Middle East, the group achieved an increase of 38 percent (currency-adjusted +23 percent) to 167 million euros.
Because the company was able to increase its gross margin, which was 75.7 percent in 2021, to 78.8 percent, earnings before interest and taxes (EBIT) adjusted for special effects grew by 69 percent to 845 million euros. Net income attributable to shareholders reached EUR 465 million, up 58 percent year-on-year.