The Prada Group Board of Directors reviewed and approved the Consolidated Financial Results for the Full Year ended 31 December 2021, which highlighted an outstanding growth, here in detail:
- Retail sales up double digit on 2-year stack, driven by full price sales with a strong acceleration in H2 vs FY19
- Strong performance across all product categories
- Outstanding growth in online sales, 5x FY19
- Gross margin and EBIT margin sharp increase in H2
- Net Working Capital improvement, driven by supply chain excellence
- Strong operating cash flow achieved highly positive Net Financial Position
With change at constant exchange rates:
- Total Net Revenues at Euro 3,366 million, up 41% vs 2020 and up 8% vs 2019, +16% in H2 vs 2019
- Retail sales up 40% vs 2020 and up 15% vs 2019, +24% in Q4 vs 2019
- Wholesale sales up 41% vs 2020 and down 29% vs 2019
- Gross margin at 75.7%, reached 76.8% in H2
- EBIT at Euro 489 million, 14.5% on revenues, 17.4% in H2
- Group Net Income at Euro 294 million, 8.8% on revenues
- Operating Cash Flow at Euro 751 million
- Capex at Euro 216 million
- Net Working Capital well under control, down 10% vs 2020
- Net Financial Position at Euro 238 million, significantly improving from Euro -311 million in December 2020
Patrizio Bertelli, Chief Executive Officer of the Prada Group, commented: “The Prada Group’s start to 2022 has been strong. Our long-term strategy is on track, focused on distinctive brand identity, product quality and industrial know-how, direct distribution and sustainability at the core of our values. Decisive actions to evolve the business and navigate the changing luxury market drove outstanding growth and increased profitability in 2021”.
“These results give us the confidence to achieve our medium-term targets, even though it is difficult to predict the impact of the Ukraine conflict on the global economy. Our concern is for all our colleagues and their families affected by the war, for the local communities and all people suffering and we will continue to support them.”