The Italian luxury powerhouse has recorded a gradual recovery of turnover in a number of key retail markets.
The company has recorded that the second half of 2020 saw a progressive recovery in sales, despite being impacted by going store closures. This culminated, for the retail sales, in a full recovery to 2019 levels in the month of December.
Prada have commented that careful management of quality and product mix has contributed to margin recovery and offset the deficit incurred in the first half of the year, meaning that the company has ended FY2020 with EBIT in positive territory. s
Patrizio Bertelli, Chief Executive Officer of Prada, commented: “I am very satisfied with how we faced the serious difficulties of the year just ended and how, despite the persistent uncertainty which will likely continue for the next months, we have been able to deliver positive results. Thanks to the generous commitment of all Group staff, we were able to respond quickly and consistently to market changes, which have been appreciated by all of our customers.”
