Prada closes the first half with a leap of 59,5% in net profit, supported by Asian consumers who continued to protect the group from the growth slowdown experienced by rival luxury companies.
"Although aware of the negative market trend, but counting on the strength of our brands and our ability to pursue the set objectives, we look to the near future with confidence, without however changing our strategy aimed at pursuing long-term growth objectives", CEO Patrizio Bertelli comments in the note on the results.
Profit for the first six months of the year, ended on 31 July, amounted to 286,4 million euros, slightly below the expectations of 290,3 million from a survey conducted by Reuters with six analysts. Ebitda, equal to 469,4 million, reached 30% of revenues, with an increase of 49% compared to the first half of 2011. Consolidated revenues, as already announced at the beginning of August, rose by 36% to 1,55, XNUMX billion.
Cash generation made it possible to finance investments in the period, to pay dividends to shareholders for 126 million euro and to improve the group's net financial position which, at the end of July 2012, was positive by 82,5 million. Among the 28 openings in the half year, those in the new markets, namely Morocco, Brazil, Mexico and Ukraine, should be noted. As at 31 July, the retail network had 414 DOS of which 263 Prada, 102 Miu Miu, 43 Church's and 6 Car Shoe.
In terms of distribution channels, in line with the strategy that the group has been pursuing for some years now, the development of revenues in this six-month period was driven by the retail channel which, following new openings and organic growth, recorded an increase equal to 47% (+37% at constant exchange rates), reaching 80,7% of consolidated sales. The wholesale channel settled at 294,7 million, marking an increase of 4% (+1% at constant exchange rates).
