Prada Earnings Skyrocket
MILAN–Prada SpA said Monday earnings increased by about two-thirds in 2007 after strong sales of leather goods and accessories and growth in Asia.
However, the Italian luxury group, which owns the Prada, Miu Miu, Car Shoe and Church?s brands, gave no further clues to whether it would proceed with its planned listing on the Milan Stock Exchange this year.
For the 12 months through Jan. 31, net profits gained 65.8 percent to 126.8 million euros, or $173.8 million at average exchange. Sales for the period increased 14.1 percent to 1.66 billion euros, or $2.27 billion.
Prada chief executive officer Patrizio Bertelli said an initial public offering ?would represent an opportunity for the group to give our growth projects a further boost,? but did not say when one might occur.
?We will continue to monitor the financial markets very carefully and we will assess the best time for an initial public offering,? Bertelli said.
