MILAN (Reuters) - Italian fashion group Prada (HK:1913) said on Wednesday sales had recovered sharply in Asia since June after the fallout from the coronavirus pandemic triggered a 40% decline for comparable revenues in the first half of the year.
The revenue fall to 938 million euros (849.5 million pounds) at constant exchange rates in the six months to June was steeper than a 35% decrease forecast by analysts, according to Smart Estimates provided by Refinitiv.
The Milan-based, Hong Kong-listed luxury group posted a net loss of 180 million euros, hit by store closures and a near-absence of tourism due to the COVID-19 crisis.
Prada said it had seen double-digit sales growth in Asia since last month, and encouraging signs in other markets as movement restrictions eased. E-commerce delivered sales growth of 100% or more during and after the lockdowns, it said.
In a statement, Chief Executive Patrizio Bertelli said the group was confident that sales would return to growth in the second half of the year.