MILAN: Italian luxury group Prada said Thursday (Mar 9) its profits jumped in 2022 as strong sales in Europe and the United States offset declines in China, and that it expects its sales to outpace the market this year. It follows a trend across the luxury goods sector that saw record sales and profits las
MILAN: Italian luxury group Prada said Thursday its profits jumped in 2022 as strong sales in Europe and the United States offset declines in China, and that it expects its sales to outpace the market this year.
Prada Group, which also includes brands Miu Miu and Church's, said net profits soared 58 per cent to €465 million . That beat the analyst consensus established by financial data provider Factset by €10 million.But the company saw slight declines in China resulting from stores closures during lockdowns periods.
Sales spiked in Europe by 59 per cent, driven by the recovery of international tourism from the second quarter, while the US market saw steady growth of 37 per cent. China's scrapping of its last zero-COVID policies in January is being looked at as a growth opportunity for the sector this year.
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