Milan, 18th March 2020 - The Prada S.p.A. Board of Directors held today reviewed and approved the Consolidated Financial Results for the Full Year 2019, ended 31 December 2019.
The strong growth seen in H2 and up to the end of January 2020 has been interrupted by the Coronavirus outbreak. This unprecedented sanitary emergency is affecting our operational activities and threatening people’s health, which is our main priority. All efforts are now dedicated to overcome this contingency. At the same time, the Prada Group prepares to capture the recovery when it arises and to continue its growth trajectory.
- Long-term business transformation strategy and brand investment delivering improving results with second half of 2019 showing a strong rebound
- Acceleration in full price sales in H2 for Prada and Miu Miu brands across all markets and categories
- Completed mark down phase out
- More stringent policies to better control digital platforms
- Brand heat flourishing driven by creative communications and environmentally driven initiatives
- Appointment of Raf Simons as co-creative director at Prada to reaffirm the Group’s creativity and radical vision
- Net Revenues at Euro 3,226 million up 3% at current FX and flat at constant FX
- Retail sales up 4% at current FX, +2% at constant FX. Full price sales, reaching double digit growth in H2, more than offset sharp reduction in markdowns
- Wholesale sales down 3% at current FX, down 4% at constant FX in line with the guidance
- EBIT at Euro 307 million, 9.5% of revenues
- Net Income at Euro 256 million benefiting from the Patent Box relief
- Net Financial Position at Euro -406 million
- Operating cash flow at Euro 362 million