Prada SpA on Friday reported 2018 net profits of 205 million euros ($232 million), down 17.6 percent from 249 million euros in 2017.
In the 12 months ended Dec. 31, revenues at the Italian luxury house totaled 3.14 billion euros, up 3 percent compared with 3.05 billion euros in 2017. At constant exchange rates, sales grew 6 percent. The performance was lifted by the retail channel and progress in all geographic areas and across product categories.
“The results of 2018 demonstrate that our recent initiatives have been met with a positive reaction by the market, with a return in terms of revenue growth,” said CEO Patrizio Bertelli. “The strategic renewal and subsequent organizational review, which will be completed in the months to come, will give the company a more dynamic structure and a renewed capacity to interpret the cultural evolution of the new generations with which to share the identity of our brands.”