On January 5th, 2021, the Board of Directors of Prada S.p.A. examined the performance of the Group in the second semester just ended which, despite being impacted by ongoing store closures (averaging 9% of the network), saw a progressive recovery in sales, culminating, for the retail sales, in a full recovery to 2019 levels in the month of December.
Highlights:
• Progressive volume recovery in all geographical areas, with marked revenue growth in Asia Pacific
• Positive margins in the second half of the year allowed the Group to reach positive EBIT for FY2020
• Improved Net Financial Position vs 2019, due to cash generation and inventory reduction
The impact of the pandemic on the retail channel was limited to an average of -6% (at constant exchange rates). Europe and Japan were penalized by the lack of tourist flows, while the Americas, the Middle East, Russia and, above all, Asia Pacific recorded positive performances, particularly China with +52%.
Patrizio Bertelli, Prada S.p.A. CEO, commented: “I am very satisfied with how we have faced the serious difficulties of the year just ended and how, despite the persistent uncertainty which will likely continue for the next months, we have managed to deliver positive results. Thanks to the generous commitment of all Group staff, we were able to respond rapidly and consistently to market changes, which has been appreciated by all of our customers.”