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Consolidated Net Revenues totaled € 1,547.4 million, a 36% increase (+28% at constant exchange rates) on the € 1,134.3 million reported in the first half of 2011.
EBITDA amounted to € 469.4 million – reaching 30% of consolidated net revenues – and increased by 49% compared to the first half of 2011.
EBIT stood at € 394.9 million - or 25% of consolidated net revenues – with a 55% increase on the first half of 2011.
Net Income increased by 59% from € 179.5 million in the first half of 2011 to € 286.4,
18.5% on net revenues.
Cash flows generated enabled the Group to finance its capital investment during the period, pay dividends of € 126 million to shareholders and improve the Group’s Net Financial Position which was positive by € 82.5 million at the end of July 2012.
Analysis of revenues
In line with the strategy pursued by the Group for several years now, revenue growth was again driven by the retail channel which, thanks to the opening of new stores and organic growth, achieved a further increase of 47% (+37% at constant exchange rates), reaching 80.7% of consolidated sales.
Same Store Sales Growth, SSSG (at constant exchange rates) of 19% was particularly significant and line with the first quarter. This was all the more impressive considering the strong growth already achieved in the first half of 2011.
The wholesale channel, broadly in line with the first half of 2011, generated net revenues of € 294.7 million, with an increase of 4% (+1% at constant exchange rates).
The licensing business also recorded a strong 34% increase in royalties, mainly following the launch of the new Prada by LG version 3.0 cell phone which, with almost 500,000 units sold, confirms that Prada remains a point of reference for innovation and design.
All of the Group’s brands performed well, especially Prada which enjoyed 40% growth. Strong growth was also achieved by Miu Miu, +23%, Car Shoe, +16% and Church’s + 15%.
Growth was achieved across all markets with stand-out performances recorded in Asia Pacific – where a 44% revenue increase was recorded (+31% at constant exchange rates) – and Europe where, notwithstanding the weak economic situation, rising tourist numbers led to a 31% revenue increase for the six-month period. Positive results were also achieved in the Americas with +30% (+18% at constant exchange rates) and Japan with + 34% (+19% at constant exchange rates).
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Letter to Editor
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