Prada spa consolidated net revenues for the quarter totaled 828.2 million euros, up by 6.5% on Q1 2014, thanks to the strengthening of other major currencies against euro.
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The group’s retail network included 603 DOS as of April 30, 2015 and generated sales of 749 million euros for the quarter then ended, a 7% increase at current exchange rates. The sales trend varied greatly from one geographical area to another, but all benefited from the positive exchange rate effect.
Sales growth was excellent in Europe with increases of 11% at current exchange rates and 10% at constant exchange rates, thanks mainly to a significant flow of tourists especially from Asia and North America.
The Japanese market achieved 6% revenue growth at current exchange rates, despite volumes fell slightly because of the exceptional base of comparison: the first quarter of 2014 benefited greatly from consumer purchases made ahead of a VAT increase, effective from April 2014. From April 2015 onwards, this market has returned to double digit growth.
The situation in Asia Pacific remains more difficult with volumes falling significantly in 1Q15 although the impact was offset by a positive exchange rate effect. Performance in this area has been affected mainly by the market conditions in Greater China, especially in Hong Kong and Macau, where the decline in Chinese tourist numbers, already seen in the second half of 2014, shows no signs of abating.
There were positive sales performances in the Americas and the Middle East, with revenue growth of 16% and 13%, respectively, although both markets were affected by a drop in the number of tourists.
As expected, wholesale channel sales revenues are down, as a result of the selective strategy which continues to be implemented by the Group.
EBITDA amounted to 162.7 million, euros or 19,6% of consolidated net revenues.
EBIT stood at 90.7 million euros, or 11% of consolidated net revenues.
Net profit was 58.7 million euros, or 7,1% of consolidated net revenues.
The Net Financial Position at April 30, 2015 was positive by 127 million euros. ■