MILAN (Reuters) -Italy’s Prada posted 20% growth at constant exchange rate in first half sales, just below consensus, but profitability jumped by more than expected.
Revenues at the luxury group, listed in Hong Kong, totalled 2.232 billion euros ($2.49 billion), boosted by Asia and Europe and despite lower retail sales in the Americas. Strong momentum at its smaller Miu Miu also helped to support sales growth.
Analysts expected 2.275 billion euros, according to a consensus gathered by Reuters.
Adjusted earnings before interest and taxes (EBIT) jumped to 491 million euros from 305 million euros in the first six month of last year and compared to analysts’ estimate of around 460 million euros. EBIT margin rose to 22%.
“For the current year, we retain our ambition to deliver solid, sustainable and above-market growth, considering a more challenging basis of comparison in the third quarter and a fourth quarter 2022 that was again impacted by new Covid restrictions in Asia”, Chief Executive Officer Andrea Guerra said in a statement.
($1 = 0.8972 euros)
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(Reporting by Elisa Anzolin, editing by Alvise Armellini)