The Prada Spa Board of Directors met on April 8 to approve the financial statements for the year 2015, ended January 31, 2016.
Consolidated net revenues amount to Euro 3,547.8 million and are consistent with previous year, whereas the net income amounts to Euro 331 million; dividend of Euro 0.11 per share is also consistent with previous year.
In line with the strategy now followed for several years, the Group continued with its planned development of the retail network, while selectively rationalizing exposure in the wholesale channel.
In more detail the sales of the Group’s retail network – 618 DOS at January 31, 2016 – grew by 2.6% to stand at Euro 3,059.7 million and were sustained by favorable exchange rate trends, whereas the wholesale revenues amount to Euro 444.6 million, a 16.5% decrease, essentially due to the selective policy implemented on the European market as well as the tourism fall in the South Korean market, triggered by the MERS (Middle East Respitatory Syndrom) outbreak.
Patrizio Bertelli, Chief Executive Officer of Prada SpA, commented: “Throughout 2015, the luxury goods market had to deal with an economic environment characterized by volatile financial markets and by heightening geopolitical tension in different regions across the world. These conditions are still present and 2016 is expected to be affected by instability which makes any short-term forecasts uncertain. Bearing this in mind and in order to ensure the Group achieves satisfactory profit levels, we have recently implemented a thorough review of all operating processes. The results, in terms of greater efficiency and productivity, will be apparent in the months to come. We will pay particular attention to new forms and methods of communication designed to develop a relationship between our brands and an ever larger audience, based on a permanent dialogue embracing the various parts of the Prada universe. At the same time, we will continue to pave the way for the sustainable long-term growth of the Group with investments aimed at enhancing the distinctive features that make our brands unique: excellent product quality with contemporary and innovative design and capacity to interpret the desires of our ever more sophisticated and demanding customers”.