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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”.


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