Fashion company Prada saw its turnover drop by 3.6 % in 2017. However, its forecast for the current fiscal year is high as last year already ended on a better note.
Progress in second half of 2017
Prada’s 2017 turnover reached 3.1 billion euro, down 3.6 % (or 2 % if the exchange rates had remained stable). Its net profit dropped 12 % to 249 million euro.
Despite its weaker performance in the past fiscal year, Prada has high expectations for 2018, backed by the performance in the second half of 2017. Turnover grew 1 % at level exchange rates then and even went up 10 % in the “Ready-to-wear” division.
““I am satisfied with the progress made in 2017: in the second part of the year and in the first months of 2018 sales trends have been progressively improving; thus demonstrating the first significant results from our ongoing strategic initiatives across the Group. We have seen a promising start to 2018. I am confident this is the beginning of a new phase of development”, CEO Patrizio Bertelli said.
Prada grew 1 % in Asia last year and European turnover remained stable compared to the year before. There was a 4 % slump in the United States, but Japan fared even worse, dropping 11 %. Middle Eastern results picked up in the second half of the year, but there was still an overall 9 % turnover drop.
