Prada net profits rise 7.6% to €308m

MILAN, ITALY: Italy's luxury fashion brand Prada said on Tuesday (17 September) that its net profit rose by 7.6% in the first half of its fiscal year to €308.2 m and expressed confidence for the future despite an uncertain international economic outlook.
Prada net profits rise 7.6% to €308mConsolidated sales rose by 11.7% in nominal terms and 14.8% at constant exchange rates to €1.73bn in the February to July period.

"We are satisfied with the results achieved in the first half of this year: revenues have increased in all geographical areas where the group operates and we have further improved our operating margins," chief executive Patrizio Bertelli said.

Operating profit measured by earnings before interest, tax, depreciation and amortisation rose by 17.4% from the same period ilast year to €555.1m

Asia, in particular greater China, saw above-average revenue growth of 17.9%. Revenue jumped by 13.4% in the Americas and also grew by 5.6% in Europe.

The weakness of the yen meant that revenues in euros in Japan actually fell, although revenue was actually up by 16.4% at constant exchange rates.

"Our business model, based on a balanced global geographical presence and on the strength of our brands, has enabled us effectively to face the challenges thrown down by an international economic environment which remains uncertain and extremely volatile," said Bertelli.

By brands, Prada revenue jumped by 14.3%, while Miu Miu climbed by 4.1%. Church's shoes saw revenues climb by 5.4% but Car Shoe saw its revenues fall.

"The objectives achieved to date, the flexibility of our organisational structure and constant monitoring of the markets mean we can look ahead with confidence to the near future," added Bertelli.

Source: AFP via I-Net Bridge

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