Milan

Strong Prada profits show some immune from economic crisis

Net profits up almost 60% in first half

Strong Prada profits show some immune from economic crisis

(ANSA) - Milan, September 24 - Strong earnings reported Monday by fashion icon Prada show that some shoppers seem immune to the economic downturn hurting much of the world. The fashion house reported net profits jumped by 59.5% to 286.4 million euros in the first half of this fiscal year, while income reached 1.54 billion euros, a 36% increase over the previous year. "Our growth rates are among the highest in the industry and have been achieved in a particularly difficult economic context," said chief executive Patrizio Bertelli. "We look forward to the future, without changing our strategy to pursue our goals of long-term growth". Strong profits were reported across product brands, as well as regionally. Despite the sovereign debt crisis hampering growth in much of Europe, Prada says a constant flow of tourists helped to drive a 31% increase in revenues there. The Asia Pacific region reported a 44% increase in revenues (which is reduced to 31% at constant exchange rates) while in the United States, a 30% increase was reported (reduced to 18% at constant exchange rates.)

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