MILAN (Reuters) – Prada posted a 17.1% increase in adjusted operating profit on Tuesday as the Italian luxury group saw double-digit sales growth in Asia and Europe.
Prada’s operating profit rose to 575 million euros ($623 million)for the first six months of the year, beating the 552 million seen in an analyst consensus provided by Visible Alpha.
Net revenue rose by 17% at constant exchange rates to 2.55 billion euros.
Retail sales of the Prada brand rose by 6% while those at smaller brand Miu Miu almost doubled, the group said.
“While we are vigilant, we remain committed to our strategy and to our ambition to deliver solid, sustainable and above-market growth,” CEO Andrea Guerra said in a statement.
($1 = 0.9236 euros)
(Reporting by Elisa Anzolin; editing by Jason Neely)
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