Prada reports interim results for the 6 months ended July 31, net sales of EUR 1.4 bln, -5.7% y/y (no estimates)
- Net sales were Euro 1,442.6 million, -5.7% y/y.
- Royalties were Euro 26.1 million, +4.7% y/y.
- EBIT was Euro 166.8 million, or 11.4% on net revenues.
- Group's net income was Euro 115.7 million, or 7.9% on net revenues.
- Net financial position is standing negative at Euro 223.4 million as at July 31, 2017 after the payment of dividends to the shareholders of PRADA spa for Euro 307.1 million.
- With respect to business initiatives, an important e-commerce plan was introduced for all the Group's brands that include an omnichannel growth strategy focusing on gradual expansion of the online sales channel in terms of merchandising and territorial coverage, plus new versions of the websites. Digital initiatives also involved advertising and communications, with the creation of special content and the acquisition of online space and media tools intended to create synergy among the three distribution channels.