Improved turnover for Prada in the first six months of 2021. Net revenues amounted to € 1.5 billion, up 60% at current exchange rates and 66% at exchange rates
constant, compared to the first half of 2020. In detail, retail sales grew by 60% compared to the first half of 2020 and by 8% compared to the first half of 2019 both at constant exchange rates, strongly accelerating in the second quarter, while wholesale sales increased by recorded a decrease of 37% compared to the first half of 2019, “in line with our selective policy” according to the luxury group.
«The commitment to the continuous enhancement of our brands, combined with a more intimate relationship with the customer through our direct distribution network, has given impetus to the growth of sales in all markets and in all product categories. In a still uncertain environment, we have achieved gross margin record levels and a significant improvement in profitability. We believe that this positive moment will continue into the second half of the year. Our brands still have a lot of potential to express and we are confident that we will be able to make it emerge in the medium term. We will be happy to share this and other issues with the market on the occasion of a Capital Markets Day scheduled for autumn “comments Patrizio Bertelli, CEO of the Prada Group. .
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In terms of profitability, operating profit (Ebit) amounted to 166 million euros (11.1% of revenues), an improvement compared to the 150 million euros of the first half of 2019 (9.6% of revenues), while the net profit was 97 million euros. During the period, the operating cash flow was equal to 316 million euros.
Lastly, at the end of June, the net financial position was negative for 102 million euros, an improvement compared to -311 million at 31 December 2020.
Prada in the world
In the first half of 2021, about 17% on average of the stores remained closed, the group specifies, which adds: «Nevertheless, the retail channel achieved sales of 1,281 million in the period, showing an improvement trend quarter on quarter. Growth in the second quarter of 2021 compared to the same period in 2019 was double-digit and we expect this growth trend to continue. Online sales have continued to make a significant contribution, growing by triple digits ».