In a glimmer of good news for the luxury goods industry, Pradayesterday said its operating profit for 2009 would be better than the previous year and better than forecast in its own budget, writes Vincent Boland in Milan .

The Milan-based label, owned by designer Miuccia Prada and her businessman husband Patrizio Bertelli, and which fashionistas regard as being at the cutting edge of the industry, did not give more details. Prada made ebitda earnings of €282m ($386m) in 2008, and at the time of that announcement Mr Bertelli sounded an optimistic note about Prada's business environment.

An improved performance for 2009 would be in contrast to labels such as Versace, which have seen sales and profits decline during the past year, one of the toughest for the fashion industry in two decades. Prada said the driver of its projected higher earnings for last year was its retail business, where sales rose by more than 14 per cent.