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Prada Q1'FY14 net revenues drop marginally
Jun '14
The Prada spa Board of Directors reviewed and approved the consolidated results for the first quarter ended April 30, 2014.
Analysis of revenues
Consolidated net revenues amounted to Euro 777.7 million, down by 0.6% (+3.8% at constant exchange rates) on the Euro 782.3 million reported for 1Q13; the decrease was entirely attributable to the wholesale channel.
Wholesale channel
The strategy of rationalization adopted in the wholesale channel will be completed in 2014 and has led to a 24.7% fall in wholesale sales (-23.9% at constant exchange rates). This decrease was in line with expectations, regarded all product categories and affected the Miu Miu brand to the greatest extent.
Retail channel by geographical area
In contrast, the retail channel has continued to expand and, despite unfavorable foreign exchange trends, the 551 directly operated stores generated sales of Euro 697.8 million, up by 2.8% on the first quarter of 2013; +7.7% at constant exchange rates.
The Asia Pacific area recorded a 3.9% increase at constant exchange rates (-1.2% at current exchange rates). The performance of this area was affected by a slowdown in Korea, Hong Kong and Singapore while China, Macau and other Asian markets continue to show healthy rates of growth.
The strong performance in the Americas must be highlighted. In spite of bad weather conditions, the retail channel in that area achieved 16.5% growth at constant exchange rates (+9.5% at current exchange rates).
Sales in Europe remained broadly in line with 1Q13 with 1.1% increase at constant exchange rates (+0.2% at current exchange rates). Performance was affected mainly by a slump in the tourist footfall because of the further strengthening in Euro and geopolitical problems in Russia.
Japan continues to perform extremely well and constant exchange rate growth stood at +30.5%. Notwithstanding the weakening of the Yen, Euro growth remained in double digits at +17.1% at current exchange rates.
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