REPORT_ The Prada SpA Board of Directors today examined and approved the interim report for the six months ended July 31, 2013. Consolidated net revenues 1,728.1 million euros (2306.6 million dollars), an 11.7 percent increase on the 1,547.4 million euros (2065.4 million dollars) reported in the first half of 2012.
EBITDA reached 31.9 percent of consolidated net revenues – and increased by 17.4 percent compared to the first half of 2012. EBIT stood 26.5 percent of consolidated net revenues – with a 16.1 percent increase on the first half of 2012. Net income rose 17.8 percent of consolidated net revenues.
Sales by 491 Directly Operated Stores showcased a significant 15.7 percent increase compared to the first half of 2012. Meanwhile the wholesale channel with sales recorded a 3.3 percent decrease or below 2.7 percent at constant exchange rates, as a result of the selective strategy the Group has been following for some years now. Once more, in the first half of 2013, this strategy led to a significant reduction in the number of wholesale partners.
Asia Pacific – and Greater China, in particular – have recorded above average revenue growth of 17.9 percent, over 18.7 percent at constant exchange rates. In the Americas, revenue growth saw over 13.4 percent rise and over 15.9 percent at constant exchange rates. Revenue growth of 5.6 percent has been achieved on the European market, over 6.6 percent at constant exchange rates, but with contrasting performances in the two distribution channels. Sales in Japan accelerated in the second quarter to a 16.4 percent revenue growth, at constant exchange rates, though the ongoing weakness of the Yen meant that Euro revenues actually fell.
Milan based the Prada brand again enjoyed solid, double digit growth of 14.3 percent, above 17.4 percent at constant exchange rates. Revenue growth was also achieved by Miu Miu with 4.1 percent rise and Church’s with over 5.4 percent growth. Meanwhile, Car Shoe revenues fell, largely because of the decline of the wholesale channel.