Most Recent Articles In Business
Latest Business Articles
- Indie Beauty Expo Expanding to Los Angeles
- Hong Kong Real Estate Commands Top Dollar
- Pharrell Williams Buys Iconix’s Stake in Billionaire Boys Club, Ice Cream
More Articles By
MILAN — Prada Group said Wednesday that profits in the year ended Jan. 31 totaled 627.8 million euros, or $835.66 million, up 0.3 percent compared with the previous year.
Although boosted by global growth at its retail channel and solid gains at its signature brand, the performance in the year was dented by foreign exchange losses and a greater tax burden.
Earnings before interest, taxes, depreciation and amortization were up 9 percent to 1.14 billion euros, or $1.5 billion. As previously reported, revenues totaled 3.58 billion euros, or $4.76 billion, an 8.8 percent gain compared with the previous year.
All dollar rates are calculated at average exchange rates for the period in question.
Chief executive officer Patrizio Bertelli expressed satisfaction with growth and profitability of the company.
“Even though the macroeconomic situation remains difficult and the continuing strength of the euro does not help with exports, we are confident that the luxury goods sector will continue to grow and that, faced with rapidly changing consumer tastes and preferences, we will draw on our creativity and innovative capacity which enables us to interpret and, often, anticipate market trends,” he said.