February 8, 2010 / 11:21 AM / 8 years ago

Prada says year profit above own forecasts

2 Min Read

MILAN, Feb 8 (Reuters) - Italy's Prada Group made an operating profit in its last financial year that exceeded its own forecast thanks to a rise of more than 14 percent in retail network sales, the fashion house said on Monday.

The group, whose designer Miuccia Prada is seen as a trailblazer for fashion worldwide, said that preliminary figures showed its operating profit for the fiscal year ended Jan. 31 improved from the previous year. It gave no details.

Operating profit was better than its own forecasts that it made when its budget was completed, it said. Prada invested more than 120 million euros ($163.9 million) last year in its development plan, which was self-financed.

In the previous year Prada made a net profit of 99 million euros, down 22 percent from the year before, on revenue of 1.65 billion euros.

Prada denied a New York Post newspaper report last month that it was in talks to sell a stake to France's Compagnie Financiere Richemont SA CFR.VX, the world's second-largest luxury goods group. ($1=.7320 euros) (Reporting by Ian Simpson; Editing by Greg Mahlich)

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