Prada First-Half Net Profit Rose 11% on Higher Sales

   By Alberto Delclaux 
 

Prada SpA (1913.HK) reported an 11% rise in first-half net income, while sales at constant exchange rates grew in all regions.

The Italian luxury company said Wednesday that its net profit for the period increased to 105.7 million euros ($123.8 million) from EUR95.4 million the year earlier, as revenue rose 3.3% to EUR1.54 billion. At constant exchange rates, revenue growth was 9%, Prada said.

Performance was particularly strong in the Asia Pacific region, with sales up 14% at constant currency.

The company said Europe recorded positive trends despite weaker tourist inflow, with constant currency sales growth of 7%.

"We are always working to reshape the Prada Group to adapt to the rapid changes in society and to interpret the spirit of new generations without losing our brand integrity," said Chief Executive Patrizio Bertelli.

"The results of this transformation are visible and supported by many positive signs from the market, confirming the soundness of our strategic choices."

Write to Alberto Delclaux at [e-mail]

(END) Dow Jones Newswires

August 02, 2018 05:41 ET (09:41 GMT)

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