Prada sees increase in half year revenue
Luxury brand Prada saw its net revenues rise by 2% to €1.57 billion in the first half of 2019.
Sales in its retail channel were in line with the same period last year as trading was impacted by the decision to stop making seasonal markdowns. However, full price sales increased in the period.
Meanwhile, sales within Prada’s wholesale channel rose by 15%.
EBITDA came in at €491 million while operating profit fell by 13% to €150 million.
Prada chief executive Patrizio Bertelli said: “Our strategic decision to stop seasonal markdowns and to rationalise 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.
“We believe that improving consistency in pricing will reinforce the relationship with customers and enhance product value.”
While sales in Europe and America and increased in the period, sales in the far east declined after trade was affected by social unrest in Hong Kong.
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