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Prada H1 profit soars 59.5% Monday, 24th September 2012
Photo credit: Prada SpA
Prada SpA has revealed a 59.5 per cent increase in net profit for its first half, thanks to continued spending and expansion in the Asian market.
Despite the result, Prada didn’t manage to beat analysts' forecasts for the period: net profit for the first six months of the year in at EUR 286.4 million, just missing the EUR 290.3 million expected from six analysts polled by Thomson Reuters.
As with a number of luxury European fashion houses battling the euro zone crisis, Prada’s largest market for growth was Asia Pacific, accounting for more than a third of the Milan-based company’s total net revenues. Greater China sales were up 50.2 per cent to EUR 334.6 million for the first six months.
Speaking on its performance for the first half to 6 August, Prada said that while market conditions would remain challenging for the short term, the company remains "confident about the near future and will continue to pursue the retail focused strategy which is an essential pillar of our long-term growth prospects."
The luxury retailer opened 28 new stores during the period, bringing its total number of directly-operates stores to 414 for the end of July 2012.