Prada: Q1 13 results globally in line, good trends in Asia and in the US
BUY, Fair Value HKD87 (+19%)
Yesterday Prada announced Q1 13 results (quarter ending April 2013) which were globally in line with expectations. Sales growth was 15% at constant FX essentially driven by a later Chinese New Year (February 10) and good trends in Japan and the US. Same-store growth at Retail amounted to 8%, in line with management’s FY13 guidance of high-single digit growth. Consequently profitability improved significantly with the EBITDA margin widening by 170bp to 30.8% thanks to a favourable mix (GM up 130bp to 73.6%).
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