Prada: earnings ahead of expectations in 2022

Italian luxury group Prada saw its net profit rise 58% to 465 million euros in 2022. Strong sales growth in Europe and the United States offset a sharp slowdown in China.

The 2022 results published by Prada are slightly above analysts’ expectations, who predicted a net profit of 455 million euros, according to Factset Estimates, a financial information provider. Its earnings finally reached 465 million euros, a 58% jump!

Prada’s sales rose by 25% to 4.2 billion euros. It is also higher than analysts’ forecasts, who expected 4.05 billion euros: “We have achieved very good performance in all product categories and in all geographical regions, offsetting the results of China still penalized by the pandemic,” said in a statement the group’s executive director, Patrizio Bertelli.

Optimism for 2023

Leather goods saw retail sales increase by 18%, apparel by 27% and shoes by 29%, at constant exchange rates. Prada’s new CEO Andrea Guerra is very optimistic for 2023: “we expect solid growth above the market average.”

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