Sep 17, 2013
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Prada net profits rise 7.6% to 308 million euros

Sep 17, 2013

MILAN, Italy - Italy's luxury fashion brand Prada said Tuesday that its net profit rose by 7.6 percent in the first half of its fiscal year to 308.2 million euros ($412 million) and expressed confidence for the future despite an uncertain international economic outlook.

Prada Campaign A/W 2013 | Source: Prada

Consolidated sales rose by 11.7 percent in nominal terms and 14.8 percent at constant exchange rates to 1.73 billion euros in the February through July period.

"We are satisfied with the results achieved in the first half of 2013: revenues have increased in all geographical areas where the Group operates and we have further improved our operating margins," chief executive Patrizio Bertelli said in a statement.

Operating profit measured by earnings before interest, tax, depreciation and amortisation rose by 17.4 percent from the same period in 2012 to 555.1 million euros.

Asia, in particular greater China, saw above-average revenue growth of 17.9 percent.

Revenue jumped by 13.4 percent in the Americas and also grew by 5.6 percent in Europe.

The weakness of the yen meant that revenues in euros in Japan actually fell, although they grew at 16.4 percent at constant exchange rates.

"Our business model, based on a balanced global geographical presence and on the strength of our brands, has enabled us effectively to face the challenges thrown down by an international economic environment which remains uncertain and extremely volatile," said Bertelli.

By brands, Prada revenue jumped by 14.3 percent, while Miu Miu climbed by 4.1 percent. Church's shoes saw revenues climb by 5.4 percent but Car Shoe had revenues fall.

"The objectives achieved to date, the flexibility of our organisational structure and constant monitoring of the markets mean we can look ahead with confidence to the near future," added Bertelli.

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