MILAN - Growth across the board for all group brands in all markets as well as tighter cost controls helped Prada SpA report a fivefold increase in net profits last year to 47 million euros, or $59.9 million, up from 9 million euros, or $11.4 million,...
MILAN - Growth across the board for all group brands in all markets as well as tighter cost controls helped Prada SpA report a fivefold increase in net profits last year to 47 million euros, or $59.9 million, up from 9 million euros, or $11.4 million, in 2004. Sales grew 10 percent up to 1.33 billion euros the previous year, or $1.65 billion. EBITDA grew 30 percent, to 201 million euros, or $256.5 million. Sales were calculated on a constant currency and same-store basis, and dollar figures were converted from the euro at current exchange rate.
“I am pleased with our results in 2005 and our progress in the first half of this year,” said Patrizio Bertelli, chairman and chief executive officer of the group, in a statement. “Revenues grew in all our key markets and we have improved profitability by increasing efficiency and controlling costs. We have focused on the core brands and the financial restructuring is well under way. We can now speed up our investment plans and leverage the strong momentum of all our brands worldwide.”
Prada SpA includes the Prada, Miu Miu, Car Shoe and Azzedine Alaia labels and these year-end financial figures do not take into account the Helmut Lang and Jil Sander brands’ performance in 2005. These two brands, sold earlier this year, fall under the ITMD Investments B.V. umbrella, which also controls Prada SpA.
A spokesman determined Prada SpA’s debt at “below 700 million euros,” or $893.4 million, to be reimbursed to four banks in “the medium term.”
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