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Name | Symbol | Market | Type |
---|---|---|---|
Prada Spa (PK) | USOTC:PRDSY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.0462 | 0.32% | 14.5762 | 13.90 | 15.16 | 14.5762 | 14.5762 | 14.5762 | 463 | 21:01:34 |
By Manuela Mesco
MILAN--Prada SpA's first-half net profit fell 23%, despite favorable exchange rates as the Italian fashion house struggled to get back on track after a number of weak quarters.
Prada said revenue rose 4% to 1.8 billion euros ($2 billion) in the six months ended July 31, compared with a year earlier, but it was down 5.9% at constant exchange rates, underscoring the support that came from currency fluctuations during the period.
Earnings before interest and tax, or Ebit, dropped 21% to EUR293.2 million.
In the Asia-Pacific region, revenue was down 1.4% at current exchange rates and 17.5% lower at constant exchange rates, as Hong Kong and Macau "failed to show any signs of recovery," the company said. In Greater China, sales were down 1.2% at current rates and 19.3% lower at constant rates.
In the Americas, sales grew 13.5% at current exchange rates, and rose 6.1% at constant exchange rates.
In Europe, revenue grew 4.9% at current rates, supported by tourist flows and a recovery in domestic demand, the fashion house said.
Prada said it was still reviewing its operations, including supply-chain management, manufacturing and logistics, to streamline them and cut costs.
Write to Manuela Mesco at manuela.mesco@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 15, 2015 08:23 ET (12:23 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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