TOKYO — Thanks to a sales increase of 10 percent, Prada Japan, which has the Prada, Miu Miu, Jil Sander and Helmut Lang brands in its stable, reported a 35 percent year-over-year increase in pretax earnings.
This is the second year the company reported a double-digit sales increase.
The firm posted sales of $293 million, or 33 billion yen, for the year ended Dec. 31, while earnings before interest, taxes, depreciation and amortization came in at $16.9 million, or 1.9 billion yen. The gain in pretax earnings was mainly due to the strong sales increase, an improved profit ratio and efficient management, the company said.
In 2003, Prada Japan opened two flagships in Tokyo: a three-story flagship in Ginza and the “epicenter concept store” in Aoyama. The Japanese market accounts for 20 percent of the entire sales at the Prada Group. This year, the company said 75 percent of the existing stores will be renovated.
During the first quarter of this year, the company opened three stores. The group has over 60 directly operated stores throughout Japan.
— Koji Hirano