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Prada H1 core earnings up on stronger sales

Published 09/17/2010, 08:20 AM
Updated 09/17/2010, 08:24 AM

* EBITDA was 24 percent of revenues in first half

* Sales rose 30 percent in U.S., 47 percent in Far East

MILAN, Sept 17 (Reuters) - Italian fashion house Prada said its core earnings more than doubled in the first half, boosted by a growth in sales in Europe, the U.S. and the Far East, the company said in a statement on Friday.

Prada, which has said it may float when markets recover, said earnings before interest, tax, depreciation and amortisation in the six month period to July 31 was 225.2 million euros ($294.7 million).

Sales rose 29.4 percent to 936.5 million euros, with a stronger performance by its directly-operated stores, Prada said.

"The Prada Group's strategy, aimed at a growth in all markets, will be further strengthened in the following years through the development of our directly operated stores network," Prada Chief Executive Patrizio Bertelli said in the statement.

The group, whose stylist Miuccia Prada is considered one of the world's most trend-setting designers, said its net profit in the period was 103 million euros. (Reporting by Stephen Jewkes; Editing by Jon Loades-Carter) ($1=.7641 Euro)

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