Prada’s mid-term targets look closer after strong first half

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Luxury fashion group Prada beat first-half sales and profit forecasts and said it could reach its mid-term targets earlier than planned. Although, that would depend on how the current uncertain economic environment unfolds.

In the six month to June sales were boosted by Europe, the Americas, and Japan and South Korea in Asia; the Italian company said. However, sales in the Asia Pacific region overall declined by 7% in the period as lockdowns in mainland China. The key Chinese market showed “an improved trend since store re-openings in June”, Prada said.

The company reported a 22% jump in total revenue to 1.9 billion euros ($1.92 billion) for the first six months of this year, above analysts expectations of 1.8 billion euros according to a Refinitiv consensus.

Operating profit also topped the consensus at 305 million euros, up from 166 million euros in the first half of last year, with an EBIT adjusted margin at 17.4% of total sales.

In November the group unveiled its medium-term goals of 4.5 billion euros sales and a 20% operating profit margin.

Reuters.

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