The following is a summary of the Prada S.p.A. (PRDSY) Q4 2023 Earnings Call Transcript:
Financial Performance:
Prada reported net revenues of €4.7 billion, up 13% from fiscal year 2022.
Gross margin percentage increased by 160 basis points from 2022 to 80.4%.
Operating income (EBIT) stood at €1.062 billion with a margin of 22.5%, an improvement from 20.1% in 2022.
Cash flow from operations amounted to €1.265 billion, with a net cash position of €197 million.
17% growth was reported in retail sales, amounting to €4.2 billion.
Significant year-on-year growth was achieved by both Prada and Miu Miu, with Miu Miu showing a 58% increase.
Net income stood at €671 million, reflecting a 44% increase from the previous year.
The proposal to increase the dividend per share to $0.137 from $0.11 in the previous year.
Business Progress:
Retail sales posted a third year of double-digit like-for-like growth due to effective brand communication and product initiatives.
Asia-Pacific and Japan reported strong growth, while America remained flat, and the Middle East showed solid growth.
Significant investments were made in strategic real estate and IT initiatives.
Continued strengthening of the Prada and Miu Miu brands through impactful fashion shows, collaborations, and global events.
Fulfillment of ESG commitments highlighted by a 58% reduction in greenhouse gas emissions compared to 2019, meeting the company's 2026 targets.
The representation of women in leadership roles increased to 44%, with investment in developing young talent.
Exclusive collaborations with NASA and Adidas boosted the brand image.
The focus continues on retail optimization strategy by gradually decreasing the number of outlet stores.
More details: PRADA SPA UNSP ADR EACH REPR 2 ORD IR
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