Consolidated net revenues totaled Euro 2,576.1 million, up by 10.1% on the Euro 2,339.3 million reported for the first nine months of 2012. At constant exchange rates, the rate of growth would have been 14.3%.

EBITDA amounted to Euro 821 million and increased by 12.8% on the same period in 2012, representing 31.9% of consolidated net revenues.

EBIT amounts to € 677.8 million, 26.3% of consolidated net revenues and up by 10.7% on the first nine months of 2012.

NET INCOME has increased by 7.9% to Euro 440.9 million and represents 17.1% of consolidated net revenues.

The net financial position is positive by Euro 303.5 million after financing capex for the period of Euro 416 million and distributing dividends of Euro 230 million to shareholders.

Distribution channels

Sales by directly operated stores (516 DOS at October 31, 2013) totaled € 2,182 million with a 13.8% increase compared to the first nine months of 2012 (+18.7% at constant exchange rates). Meanwhile, wholesale channel sales decreased by 6.5% (- 5.5% at constant exchange rates), in line with the selective strategy adopted in relation to independent retailers.

Markets

Sustained growth was achieved in all geographical areas:

- Asia Pacific growth slowed down slightly in the third quarter but continued to be strong at 14.4% (+16.7 at constant exchange rates); a significant contribution was made by DOSs in Greater China.

The American market recorded another excellent performance this quarter with growth of 13.5% (+17.5% at constant exchange rates), almost entirely thanks to the retail channel which continues to accelerate.

The European market held up well with 5.2% growth (+6.5% at constant exchange rates), though there were contrasting trends in the two distribution channels: sales through the retail network recorded double digit growth, largely thanks to the flow of travelers/tourists, while the wholesale channel recorded a drop in revenues.

Japan continues its expansionary phase and revenues grew by 18.6% at constant exchange rates though the ongoing weakening of the Yen meant that Euro equivalent revenues actually fell by 2.9%.

The contribution made by the Middle East to Group sales grew strongly: at October 31, 2013, there were some 16 DSOs in this area and they generated revenues of Euro 65 million.

Prada Group