MILAN: Italian luxury label Prada today posted a first-half profit that was above analysts’ expectations, while indicating that its sales recovery should continue. 

Net profit for the first half of 2021 rose to €97 million, from a loss of €180 million a year earlier at the height of the coronavirus pandemic. 

Analysts, on average, were expecting net profit of €78 million, according to financial information provider Factset Estimates.

Sales leapt by 60% to €1.5 billion in the half, again ahead of the analysts’ consensus of €1.42 billion. 

Despite 17% of Prada’s stores remaining closed in the first half of the year due to ongoing Covid-19 restrictions, retail sales reached €1.28 billion, surpassing the pre-pandemic level with an 8% increase over the same period in 2019. 

The haute couture house posted a core operating profit (Ebit) of €166 million, which was better than expected as well, and better than the €150 million result a year earlier. 

Prada chief executive Patrizio Bertelli said the group had managed to raise its profit “despite a still uncertain environment”. 

“The sales momentum will stay strong in the second half of the year,” he added in a statement, driven by growth in Asia. 

For 2020 as a whole, the label posted a net loss of €54 million.