Asia, Europe provide impetus for Prada in first half (updated)

Prada SpA

27/07/2023 13:00

(Adds details)
       MILAN, July 27 (Reuters) - Italy's Prada  1913.HK 
posted 20% growth at constant exchange rate in first half sales,
just below consensus, but profitability jumped by more than
expected. 
    Revenues at the luxury group, listed in Hong Kong, totalled
2.232 billion euros ($2.49 billion), boosted by Asia and Europe
and despite lower retail sales in the Americas. Strong momentum
at its smaller Miu Miu also helped to support sales growth. 
        Analysts expected 2.275 billion euros, according to a
consensus gathered by Reuters.
  
    Adjusted earnings before interest and taxes (EBIT) jumped to
491 million euros from 305 million euros in the first six month
of last year and compared to analysts' estimate of around 460
million euros. EBIT margin rose to 22%. 
        "For the current year, we retain our ambition to deliver
solid, sustainable and above-market growth, considering a more
challenging basis of comparison in the third quarter and a
fourth quarter 2022 that was again impacted by new Covid
restrictions in Asia", Chief Executive Officer Andrea Guerra
said in a statement.
    
         
    
($1 = 0.8972 euros)

 (Reporting by Elisa Anzolin, editing by Alvise Armellini)
 ((elisa.anzolin@thomsonreuters.com; 0039 0266129692;))