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Prada Group revenues surge 29% in FY'13
08
Apr '13
The Prada Spa Board of Directors met to review and approve the separate financial statements of Prada Spa and the consolidated financial statements for the year ended January 31, 2013. 

During the year, the Prada Group continued along its path of growth based on expanding the network of Directly Operated Stores (DOS): the 78 DOS opened during the year, along with major refurbishment and extension of existing stores, not only strengthened the Group’s position on traditional markets but also extended its presence in new, fast growing countries.

The Prada Group confirmed its position to the fore of the luxury goods segment with revenues in excess of Euro 3 billion and earnings among the highest in the sector. 

-Consolidated net revenues totaled Euro 3,297.2 million, a 29% increase (+23% at constant exchange rates) on the Euro 2,555.6 million reported for 2011. 

- EBITDA reached Euro 1,052.5 million, represented 31.9% of consolidated net revenues and increased by 38.6% on 2011. 

- EBIT amounted to Euro 889.8 million, represented 27% of consolidated net revenues and increased by 41.5% on 2011. 

- Net income increased by 44.9% from Euro 431.9 million in 2011 to Euro 625.7 million in 2012 and represented 19% of consolidated net revenues.

- The net financial position was positive and improved from Euro 13.6 million at February 1, 2012 to Euro 312.6 million at January 31, 2013 thanks to strong cash flow generation which also funded capital expenditure and dividend payments to the shareholders. 

- Earnings per share increased by 41% from Euro 0.17 in 2011, to Euro 0.24 in 2012. 

-The Board proposes payment of a dividend of Euro 0.09 per share. This proposal will be subject for approval to the Shareholders’ General Meeting convened on May 23 2013, in Milan. 

Analysis of Revenues

Distribution channels

In line with the Group’s distribution strategy, in 2012 the retail channel again made the greatest contribution to revenue growth. DOS sales generated revenues of Euro 2,664.2 million, a 35.6% increase on prior year (+28.6% at constant exchange rates) thanks to the contributions made by both new stores and existing stores. In 2012, the retail channel represented 81.8% of the Group’s consolidated net revenues, compared to 77.9% in 2011. 

The wholesale channel generated net revenues of Euro 592.2 million, an increase of 6% (+2.9% at constant exchange rates), notwithstanding the decision to reduce the number of independent customers also following the opening of new DOS. 

Royalties income also grew by 26.4% mainly thanks to the launch of the new Prada by LG cell phone which, with more than half a million units sold, confirms Prada’s continuing status as a benchmark for innovation and design.


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