MILAN, Italy: Italian luxury group Prada saw its net profit increase by 44 percent to 671 million euros ($731 million) in 2023, thanks to strong Asia sales and a "very positive" fourth quarter. AFP PHOTOThursday's results are slightly higher than estimates by FactSet analysts, who had forecast an average profit of 651 million euros. The label's turnover increased by 13 percent to 4.7 billion euros, driven by sales of Prada and Miu Miu, which are aimed at a younger clientele. At constant exchange rates, Miu Miu's retail sales jumped 58 percent in 2023, buoyed up by a particularly good fourth quarter, which saw sales up 82 percent. Prada's retail sales were up 12 percent on a year and by 10 percent in the last quarter.

Source: Manila Times March 09, 2024 04:12 UTC