Prada H1 net income up 59 percentMonday, 24 September 2012
For the first half ended July 31, 2012, Prada’s net income jumped 59.5 percent.
Consolidated net revenue increased 36.4 percent. EBITDA rose by 49 percent and EBIT by 55.8 percent.
Consolidated net revenues totaled 1,547.4 million euros (1996.77 million dollars) , a 36.4 percent increase as compared to 1,134.3 million euros (1463.70 million dollars) reported in the first half of 2011. EBITDA amounted to 469.4 million euros (605.71 million dollars) – reaching 30 percent of consolidated net revenues – and increased by 49 percent compared to the same period last year. EBIT stood at 394.9 million euros ( 509.58 million dollars) or 25 percent of consolidated net revenues – with a 55 percent increase over the first half of 2011. Net income increased by 59 percent, from 179.5 million (231.63 million dollars) in the first half of 2011 to 286.4 million euros (369.57 million dollars).
Patrizio Bertelli, Chief Executive Officer of Prada, commented, “The Prada Group has again achieved extremely satisfying results in the first six months of 2012. Our growth rates are among the highest in the sector and have been achieved in a very tough economic environment. The market continues to reward Prada’s unwavering commitment to style and dedication to quality.”
In line with the strategy pursued by the Milan-based group for several years now, revenue growth was again driven by new store openings. At July 31, 2012, the retail network comprised a total of 414 DOS, including 263 Prada stores, 102 Miu Miu, 43 Church’s and 6 Car Shoe. All of the group’s brands performed well, especially Prada, which enjoyed 40 percent growth. Leather goods recorded the highest rate of growth and now represent 61 percent of consolidated sales. Clothing and footwear recorded increases of 17 percent and 14 percent respectively; they made a significant contribution of 564 million euros (3308.59 million dollars) to sales for the six-month period.
Same Store Sales Growth (at constant exchange rates) of 19 percent was particularly significant. Growth was achieved across all markets with stand-out performances recorded in Asia Pacific, where a 44 percent revenue increase was recorded.