Prada records profit decline amid business restructuring
The Italian luxury holding continues the restructuring process and is heading for digital marketing. But against this background, in the first half of 2017, a decrease in the company's income is noted, writes worldfootwear.com.
“The complex task of restructuring our operational processes, which aims to provide the group with the tools necessary to access more competitive markets, has been successfully completed, but much remains to be done,” Prada said. - The course towards the development of digital resources continues, and is supported by the launch of online sales in all markets, including China.
Prada's net profit for the first half of the 2017 of the year amounted to 1469 million euros, which is less by 5,5% (5,7% excluding currency fluctuations) than the result for the same period in 2016.
The company's sales growth was shown in the Asia-Pacific region. Positive profit indicators were demonstrated by China, here sales grew by 5,2% at a constant exchange rate, and sales growth was also observed in Macau and Hong Kong. The Americas region showed Prada sales declining by 3,7% compared with sales in the first half of last year.
The company's sales in the European market fell by 7,7%, the reason for this was the strengthening of the euro, especially in the second quarter, as well as the stabilization of the UK market.
The market conditions in Japan remained unchanged, but Prada sales in this region decreased by 14,2%, which is due to the low consumption level of both Japanese and tourists in this country. In the Middle East, a negative trend was also observed - a drop in sales by 11,7% due to continuing geopolitical tensions, which contributed to a decrease in tourist flow.
The Italian luxury holding company confirmed that its cost-cutting program, which was launched last year and touched on all operational processes, continues to produce results. And this is contrary to rising costs, which were aimed at developing digital and implementing a marketing strategy. Group investments in these projects reached 105,6 million euros. The funds were used to expand the retail network, Prada carried out about 100 retail redesign projects in accordance with the new design concept, another task was to improve the supply chain in order to strengthen the production and logistics capacities of the group.
Prada Group's net debt on 31 on July 2017 of the year amounted to 223 million euros, after paying dividends in the amount of 307 million euros.
The Italian luxury holding continues the restructuring process and is heading for digital marketing. But against this background, in the first half of 2017 there is a decrease in the company's revenue, - writes ...
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