© Reuters. Festive lights decorate the Prada store on New Bond Street as shoppers do Christmas shopping in central London

MILAN (Reuters) – Annual revenues at Italian luxury group Prada rose in 2018 for the first time in four years, showing its turnaround plan is starting to bear fruit, although sales growth slowed in the second half of the year.

Full-year sales grew 6 percent at constant exchange rates to 3.142 billion euros (2.68 billion pounds) compared to a 9.4 increase in the first six months. Earnings before interest and taxes (EBIT) declined 10 percent to 323.8 million euros.

Analysts had expected revenues of 3.17 billion euros revenues and an EBIT of 377 million euros, according to Refinitiv data.

The Milan-based but Hong-Kong listed company, jointly run by husband and wife team Miuccia Prada and Patrizio Bertelli, is looking to cement a revival of its sales that began at the end of 2017 after several years of declines.

The second half of 2018 has been more challenging for the luxury industry, as the “yellow vest” protests in France, global trade tensions, a strong dollar and a more moderate demand in China depressed tourist flows.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

READ  StanChart to take $160 million charge from private equity sale

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





READ SOURCE

WHAT YOUR THOUGHTS

Please enter your comment!
Please enter your name here