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Prada profits drop 22%

Prada’s net profits fell 22% to €98.8 million (£88.5m) sales for the year to January 31, after investment in store openings.

Total revenues were €1.64 billion (£1.47bn) for the period, down from €1.66bn (£1.48bn) the previous year. Revenues at the retail divison were €871.3 million (£781.4m), up 5.6% at constant exchange rates, and up 1.5% on a like-for-like basis. Revenues from the wholesale business fell 4.7% to €737.5m (£661.4m).

Net investments were €158.7m (£142.3m), up 68.6% on the previous year. The group opened 34 new stores over the period.

Prada Group chief executive Patrizion Bertelli said: “In 2008 the Prada Group implemented the most aggressive investment plan it has ever undertaken. When the crisis is over the Prada Group will be able to benefit from an industrial and distribution structure that is even stronger than before in order to make the most of the opportunities that will arise during he new development cycle.”

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