Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Prada profits up 7.6%

Prada has reported a 7.6% rise in net profit for the six months to July 31, boosted by sales growth in Asia and its directly operated standalone stores.

The Italian luxury firm’s profit reached €308.2m (£258.5m) during the period. Revenues climbed 11.7% to €1.73bn (£1.45bn), compared with €1.54bn (£1.29bn) in the first half of 2012.

Retail sales for the first half increased by 7% to €1.4bn, (£1.17bn) while wholesale revenues dropped by 2% to €285.1m (£239m).

Prada sales in Asia excluding Japan grew by 2% to €627.6m (£526.5m), making it the biggest market for the company comprising 37% of total sales.

European sales dropped by 1% to €374.3m (£314m) due to “low double-digit contraction” in the wholesale division.

Patrizio Bertelli, chief executive officer of Prada SpA, said he had “confidence” in the future of the brand. He said: “Revenues have increased in all geographical areas where the group operates and we have further improved our operating margins.”

Bertelli added that the Prada business model has enabled the company to “face the challenges thrown down by an international economic environment, which remains uncertain and extremely volatile”.

 

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.