Prada closes the 2016-17 financial statements, which closed on January 31, with consolidated revenues of 3,2 billion, down by 9% at constant exchange rates (-10% at current exchange rates).
The result is in line with consensus expectations and discounts the rationalization of operational and management processes.
Interventions that allowed an improvement in the trend in the last few months of the year, with the positive return since last January.
Europe and Asia are the most dynamic areas: China has returned to growth with a strong acceleration since the third quarter.
“As already anticipated when commenting on the first half results, this year we implemented a profound phase of rationalization of the operational and management processes, which is still ongoing, identifying important lines of action for future development – commented the CEO Patrizio Bertelli – I refer in particular to the definition of our digital strategy. At the same time, we are also strengthening the management structure in the Retail area. I trust that this new global vision will allow our brands to fully express their strong potential by generating sustainable development”. The company's note underlines that in recent months there has been “a progressively improving trend. The year ends with January back in positive territory”.
Prada stock, listed on the Hong Kong Stock Exchange, closed the morning session with a drop of 1,7 percent, against a fractional increase in Hang Seng (+0,4%).
