In the wake of strong revenue and profit gains in the first six months, Prada Group is sailing into the second half of the year with optimism.
Bertelli acknowledged the news of the Wuhan lockdown, but said he remains cautiously optimistic about the market’s recovery in the second half.’s “global presence and geographical distribution of sales,” and said the group’s 600-plus store network helped to mitigate the impact of lockdowns in mainland China and the ongoing sanctions on Russia.Bonini said the second half started on a high note thanks to “strong” trading in July driven partly by “an improvement” in China.
Retail sales, which account for 90 percent of group revenue, rose 26 percent to 1.7 billion euros, while overall revenue for the period was up 22 percent to 1.9 billion euros. Net income nearly doubled to 188 million euros, while the group’s net cash position was 179 million euros as of June 30. Prada’s EBIT margin was 13 percent above consensus, although net income fell short of analysts’ expectations, which Barclays said reflected higher financial costs and tax rate in the half.
The company said demand for leather is strong across the Prada, Miu Miu and Church’s brands, and it believes that leather is the key to long-term, sustainable growth.
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