NEWS

Milan, 27 July 2023 – The Prada S.p.A. Board of Directors today reviewed and approved the Consolidated Financial Results for the First Half ended 30 June 2023.

Key highlights (growth percentage at constant currency)

• Creative focus, innovation and a clear interpretation of contemporaneity continue to strengthen brand identity and resonance
• Net Revenues of €2,232 mln, +20% yoy
• Retail Sales of €1,975 mln, +21% yoy, driven by like-for-like full price sales. Prada +18% yoy and Miu Miu +50% yoy
• Rebound in Asia Pacific continued, with Retail Sales +25% yoy; Europe +24%; Americas -1%; Japan +49%; Middle East +14%
• Double-digit growth across all product categories: Leather Goods +12% yoy, RTW +36%, and Footwear +20%
• Continued profitability improvement with EBIT Margin of 22.0%, notwithstanding higher investments; EBIT of €491 mln
• Solid balance sheet with Net Cash Position of €283 mln

Patrizio Bertelli, Prada Group Chairman and Executive Director, commented:
“The semester ends with solid results for the Prada Group, thanks to the desirability of its brands and to disciplined execution. Our globally balanced distribution allow us to capture growth despite ever-evolving industry demand dynamics. We are pleased with the quality of Prada’s continued growth and with the remarkable performance of Miu Miu. We will remain vigilant and nimble, ready to deal with different macroeconomic and demand scenarios that may materialise ahead. Our brands retain vast growth potential; our strategy is clear, and our reinforced organisation is well equipped to execute.”

Andrea Guerra, Group Chief Executive Officer, added:
“Q2 was another positive quarter on top of a solid Q1. Retail growth continued to be driven by like-for-like full price sales, with Prada remaining on a sound trajectory and Miu Miu reporting a remarkably strong performance, thanks to a strengthened identity and increasing visibility. The Group’s profitability further increased while we continued to consolidate our brands’ desirability with higher investments. We are still at the beginning of our strategic journey: we need to act with a long-term perspective, continuing to invest behind our brands, maintaining maximum focus on retail execution and productivity. For the current year, we retain our ambition to deliver solid, sustainable and above-market growth, considering a more challenging comp base in Q3, and some Covid restrictions during Q4 2022.”