Designer Prada Q1 rev up on strong retail sales

Mon May 24, 2010 7:25am EDT

* Q1 consolidated revenue up 26 pct to 366 mln euros

* Retail sales up 36 percent

* EBITDA 64 mln euros vs 11 mln euros in Q1 2009

MILAN, May 24 (Reuters) - Italian fashion house Prada posted a 26 percent rise in first-quarter consolidated revenue on Monday, boosted by strong sales in all main markets, including Europe.

Prada, whose stylist Miuccia Prada is considered one of the world's most innovative designers, said revenue in the quarter to end-April grew above the group's expectations to 366 million euros ($452.7 million).

A 36 percent jump in retail sales underpinned the rise.

Prada's strategy of developing a direct distribution channel had paid off, the company said in a statement. Sales were up 62 percent in Asia, 33 percent in the United States and 18 percent in Europe.

Prada, which earlier this year denied it was in talks to sell a stake to France's Compagnie Financiere Richemont (CFR.VX), said earnings before interest, taxes, depreciation and amortization (EBITDA) rose almost sixfold to 64 million euros.

French luxury group Hermes International SCA (HRMS.PA) posted the biggest surge in first-quarter sales of all European luxury goods companies. [ID:nLDE6450Z4] (Reporting by Antonella Ciancio; Editing by David Holmes) ($1=.8085 Euro)