ITALY: Prada H1 profits surge on Asian performance
By Petah Marian | 24 September 2012
- H1 net income increased 59% to EUR286.4m
- Sales grew 36.4% to EUR1.5bn
- Same-store sales were up 19%
Italian fashion house Prada Group has seen first-half profit surge on the back of a strong performance in Asia.
The company today (24 September) said net income increased 59% to EUR286.4m over the six months to 31 July. Revenue grew 36.4% to EUR1.5bn.
The group recorded 44% revenue growth in the Asia Pacific region, and 31% growth in Europe, driven by rising tourist numbers. The Americas recorded a rise of 30% and there was a 34% increase in Japan.
Sales growth was also driven by the retail channel, which rose 47% through new store openings and organic growth. Same-store sales were up 19% over the half-year.
Prada recorded the strongest growth, with sales up 40%, while Miu Miu sales increased 23%, Car Shoe was up 16% and Church's recorded a rise of 15%.
"The Prada Group has again achieved extremely satisfying results in the first six months of 2012," said CEO Patrizio Bertelli. "Our growth rates are among the highest in the sector and have been achieved in a very tough economic environment.
"The market continues to reward Prada's unwavering commitment to style and dedication to quality.
"We are aware of the negative market trend but, counting on the strength of our brands and our ability to pursue our objectives, we look forward with confidence to the near future without altering our strategy based on achieving our long-term growth targets."
Sectors: Apparel, Finance, Retail
Companies: Prada
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