Prada profits double in first quarter

Italian fashion group Prada said Thursday that its profits more than doubled in the first quarter thanks to sales in Europe and Asia but added that it was staying cautious on the economic outlook. Net profits at the Milan-based group, which listed on the Hong Kong stock exchange last year, rose 105.6 percent to 164.8 million euros ($207.4 million) from the first quarter of 2011, the company said in its earnings statement. Gross revenues (Ebitda) went up 77.2 percent to 200.1 million euros and turnover also rose 47.9 percent to 686.8 million euros. Prada said it had benefited from a 55.5-percent rise in European sales thanks to "a growing influx of tourists," as well as a 46.9-percent increase in the Asia-Pacific region and a 38.7-percent boost in Japan. Sales were up 34.1 percent in North America, Prada said. "We are extremely pleased with the results... especially as we have achieved them in an uncertain and very unpredictable international environment," Prada chief executive Patrizio Bertelli said. "We remain confident of our ability to achieve our objectives and shall closely monitor the economic situation in the countries where we operate," he said.