The Prada S.p.A. Board of Directors met the 1st of August in Milan to review and approve the Consolidated Financial Results for the first half of 2019, ended 30 June.
In the semester, net revenues were 1,547 million Euro, up 2% exchange rate compared to 2018.
The Retail channel was stable, with full price sales growth offsetting sharp reduction in markdowns, and the Wholesale registered a positive trend, mainly driven by e-tailers, with a strong appreciation of the recent Ready-to- Wear and Footwear collections.
The EBITDA was Euro 491 million (31,2% of revenues), the EBIT 150 million Euro (9,6% of revenues), Net income 155 million (10% of revenues) and the Net Financial Position was -507 million Euro, after paying dividends of 146 million Euro.
Patrizio Bertelli, CEO of the Prada Group, declared: “Our strategic decision to stop seasonal markdowns and to rationalize the wholesale channel has been well received by the market: full price retail sales increased across the main geographies and product categories, reflecting the soundness of our choice. Our Prada and Miu Miu collections are receiving significant appreciation from the market, confirming the strength of our stylistic leadership. We are strongly committed to driving digital technology across the business, in order to compete in an evolving market: this is the necessary step towards sustainable revenue and margin growth, which we will target by strengthening our brands’ cultural heritage – essential to our Group’s future.”
n° 42 - 05 September 2019