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Investing.com -- Prada Group reported year-on-year rise in first-half revenue, driven by strong demand at its Miu Miu brand. Company said H1 was supported by growth in all its key markets.
There was a 9% increase in first-half revenue to €2.74 billion.
Retail sales rose 10% to €2.45 billion at constant currency, despite a 2% decline for the core Prada (OTC:PRDSY) label.
Miu Miu posted a 49% jump in retail sales, helping offset softer performance in other parts of the portfolio.
“Prada showed resilience against increasingly subdued demand dynamics and high comps; Miu Miu continued on a healthy path of sustainable growth. Certain headwinds are likely to be more cyclical than structural, but it is essential to execute with focus,” said CEO Andrea Guerra.
Adjusted operating profit for the period was €619 million, representing a margin of 22.6%.
The group ended the half with a net cash position of €352 million.
“This healthy performance was achieved against a challenging backdrop, somewhat unprecedented in our industry,” said Prada Group’s Executive Director Patrizio Bertelli
“We believe the structural growth opportunities remain unchanged, but we are conscious that in the short term we may continue to face a turbulent economic environment,” Bertelli added.