Retail in Asia

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Prada profit doubles as Asia focus pays off

Prada on Thursday said net revenues climbed 47.9 percent, above estimates. Net profit more than doubled to EUR121.7 million (USD152m) in the quarter, largely beating forecasts and showing that the company’s retail expansion in Asian markets paid off.

The Italian fashion group warned a deepening euro zone crisis could scare away free-spending tourists who have shielded luxury firms from an uncertain global economy and who helped lift quarterly profit at the maker of coveted leather handbags and shoes.

First-quarter profit doubled at the Milan-based maker of coloured Miu Miu dresses, outpacing revenue growth, but the company is not immune from concerns about the euro zone, a sluggish US recovery and a possible slowdown in Asia.

(Source: CNBC)