At current exchange rates, Prada’s net revenues stood at €1,535.3 million in the first half of the year, representing a +3% increase against €1,486 million in the corresponding period of 2017. The Retail Channel recorded “significant growth” (+10%), while wholesale sales increased +8% in the period. EBITDA amounted to €271 million, with margins of 17.6% (H1 2017: 16.9%), while net income amounted to €106 million, with margins of 6.9% (H1 2017: 6.4%). During the period, the Group generated operating cash flow of €180 million, which is said to have fully financed investments of €126 million.

Prada says its leather goods category returned to growth in the first half, recording an +8% increase at current exchange rates (+2% at constant), “driven by market appreciation for many of the new and iconic products”, while the footwear segment recorded a +4% increase, “supported by a very good reception for the new sneaker collections”.

The Prada brand ended the first half of the year with double-digit growth (+10% at constant, +4% at current), driven by positive trends across all geographies and product categories. Miu Miu is reported to have showed a significant recovery, with a +8% sales growth at constant rates (+2% at current), and positive trends in all product categories.

Geographically, on a constant basis, Prada recorded a strong continued performance in Asia Pacific (+14%), driven by significant sales growth in Greater China (+17%), with a further acceleration in recent months, according to the Group. The U.S. returned to sales growth (+8%) supported by recovering local consumption, “despite unfavourable exchange rates for most of the period” (-4% at current).  Europe also registered a positive performance (+7%), while Japan saw a significant recovery, benefitting from domestic spending and tourist flows, with revenue growth of +9%, in line with the H1 2017 performance at current rates. The Middle East also returned to growth, +7% at constant but down -4% at current exchange rates.