The Prada S.p.A. Board of Directors, held on 18 March 2020, reviewed and approved the Consolidated Financial Results for the Full Year 2019, ended 31 December 2019.Long-term business transformation strategy and brand investment improved results in the second half of 2019, showing a strong rebound, associable to the Completed mark down phase out and more stringent policies to better control digital platforms. Net Revenues of Euro 3,226 million went up 3% at current FX and flat at constant FX, with Retail sales up 4% at current FX, +2% at constant FX, EBIT of Euro 307 million, 9.5% of revenues, Net Income at Euro 256 million benefiting from the Patent Box relief with Operating cash flow at Euro 362 million and a Net Financial Position at Euro -406 million. Full price sales, reaching double digit growth in H2, more than offset sharp reduction in markdowns and Wholesale sales down 3% at current FX, down 4% at constant FX in line with the guidance.Patrizio Bertelli, Prada Group CEO, ended his statement highlighting how “The soundness of Prada Group financial structure gives us the confidence to overcome this exceptional moment (n.d.r. referring to Covid19 emergency) and the capacity to recover at the end of this crisis.
Prada S.p.A. approves the Group’s 2019 financial results
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