Prada first half profit up 60 percent

AP News
Posted: Sep 24, 2012 7:30 AM

MILAN (AP) — Luxury design house Prada SpA says its earnings rose 60 percent in the first six months of the year thanks to higher sales in Asia and to tourists in Europe.

Prada reported Monday first-half net income of €286 million ($370 million), up from €179 million in 2011. Revenues rose 28 percent to €1.5 billion from €1.1 billion last year.

Asia revenues were up 44 percent. Europe recorded a 31 percent increase, despite the financial crisis, due to rising tourist numbers.

Leather goods, which represent nearly two-thirds of sales, grew by 52 percent. Clothing and footwear contributed €564 million to sales, which Prada said "reflects client appreciation of the group's stylistic excellence."

Prada's summer 2013 collection centering on a deconstructed kimono was enthusiastically received during Milan Fashion Week.