Prada 2011/12 net profit higher than expected

Italian luxury goods group Prada (Prada) (1913. HK: Quote) on Thursday better-than-expected annual net profit. Analysts said that despite the macroeconomic environment in Europe is still unstable, but from Asian consumers sales force still support the Prada growth momentum this year.
Prada said that, this year, will open new stores in fast-growing markets, as well as Brazil, the United Arab Emirates, Morocco, Ukraine, the Group newer market. The addition of 75 new stores in 17 countries last year, the brand's first foray into Russia and the Arab Emirates and other countries.
said, adding that the retail channel sales for the whole year last year, an increase of 37.6 percent year-on-year, the company benefited from 75 new directly operated stores. Wholesale channel sales by 5.2 percent year-on-year, due to the Italian and European market conditions related.
"2012 strategic focus mainly in the retail channel, which will be realized through continued upgrading of existing stores and other major plans to open new stores." Prada vice chairman Carlo Mazzi said in the announcement.
analysts expressed Prada focuses on the retail channels as well as the Asia-Pacific market strategy is correct, in the regional economies, led by China, continued to grow, Prada is still the luxury brand a ten.
"middle class population increased appreciation of the renminbi to increase the purchasing power of young consumers demand growth, Prada is expected to benefit from the rapid growth of luxury consumption force." DBS Vickers said in a report.
the investment bank to give Prada buy rating, target price of HK $ 57.
in June last year to become the first Italian listed companies Prada announced after the close of the year ended January 2012 net profit growth of 72.2% year-on-year to 432 million euros, better than Reuters I / B / E / S comprehensive analyst estimate of 415.8 million euros; 2011/12, the Group's turnover by 24.9% year-on-year to 2.556 billion euros, and earnings per share of 0.17 euros.
turnover, 34.6 percent from the Asia-Pacific region, an increase of 42.2% over the same period last year, is the fastest-growing areas. Excluding Italy, Europe the revenue accounted followed for 21.4%, an increase of 19.9%.
Prada in addition to the main brand Prada, the young and lively sense of design, Miu Miu, as well as targeting minority consumers Church "s luxury footwear, Car Shoe; product line from handbags, leather goods, garments, fragrances, eyewear accessories are
Prada today closed up 1.75 percent to HK $ 49.55, up about 41% so far this year, outperformed the broader Hang Seng Index HSI approximately 12%. / P>