Domenica, 21 Ottobre 2018

Strong Prada profits show some immune from economic crisis


(ANSA) - Milan, September 24 - Strong earnings reported
Monday by fashion icon Prada show that some shoppers seem immune
to the economic downturn hurting much of the world.
The fashion house reported net profits jumped by 59.5% to
286.4 million euros in the first half of this fiscal year, while
income reached 1.54 billion euros, a 36% increase over the
previous year.
"Our growth rates are among the highest in the industry and
have been achieved in a particularly difficult economic
context," said chief executive Patrizio Bertelli.
"We look forward to the future, without changing our
strategy to pursue our goals of long-term growth".
Strong profits were reported across product brands, as well
as regionally.
Despite the sovereign debt crisis hampering growth in much
of Europe, Prada says a constant flow of tourists helped to
drive a 31% increase in revenues there.
The Asia Pacific region reported a 44% increase in revenues
(which is reduced to 31% at constant exchange rates) while in
the United States, a 30% increase was reported (reduced to 18%
at constant exchange rates.)

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