Prada to post 2020 operating profit after strong second-half rebound in sales, Retail News, ET Retail
MILAN – Italian trend team Prada mentioned on Tuesday that it would close 2020 with an working revenue regardless of the strike from the coronavirus disaster, immediately after revenues and profitability enhanced markedly in the second 50 percent of the yr.
The Milanese luxurious model mentioned it had made a decision to present the unscheduled business update, before disclosing whole-yr outcomes in March, because of to the amazing condition and uncertainty established by the COVID-19 pandemic.
The fallout from the COVID-19 disaster triggered a forty% decrease in Prada’s revenues at regular currencies in the very first 50 percent of the yr leading to a 196 million euros working loss ($240.5 million).
Prada mentioned the second 50 percent of 2020, “regardless of remaining impacted by ongoing retail store closures averaging 9% of the community, noticed a progressive recovery in product sales, culminating for the retail product sales in a whole recovery to 2019 degrees in the thirty day period of December.”
(Corrects 3rd paragraph to make clear drop in revenues is at regular currencies)
(Reporting by Claudia Cristoferi Enhancing by Valentina Za and Alexander Smith)
