Prada has just announced its quarterly results: retail sales in the third quarter increased by 18% compared to the same period in 2019. A rebound also compared to the pandemic period of 2020.
Prada’s retail sales in the third quarter are up 18% from two years ago. This marks an acceleration from the 8% growth rate in the first half of the year. Last year, due to store closures and a lack of tourism, Prada’s sales dropped to €2.4 billion.
On the territory side, it is worth mentioning that the Italian brand’s sales in America almost doubled. In the first half of the year, overall sales increased by 8% over 2019, to 1.5 billion euros ($1.7 billion).
Prada was able to take advantage of the health crisis, with the increased use of online platforms. As a result, profitability has accelerated, with operating margin once again above 2019 levels.
The good results do not prevent Prada from already counting on the future: the luxury group aims to increase its revenue to 4.5 billion euros per year in the medium term, which is a growth of 40%. Thus, online sales should reach 15% of total retail sales, and retail density could increase by 30% to 40%. This sales growth target remains to be compared with a turnover of 3.2 billion euros in 2019, and the record turnover of 3.6 billion euros recorded by the group in 2013.
Read also > PRADA REPORTS STRONG FIRST HALF RESULTS
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