Executive Summary

• In 2018, Prada net revenues rose 2.8% in 2018, to €3.14 billion with currency penalizing growth by 300 basis points (bps). Net retail sales rose 7% on a constant-currency basis to €2.53 billion and sales at the Prada brand rose 3.9% to €2.56 billion.
• The operating margin declined 150 bps to 10.3% in tandem with a 150-bps gross-margin contraction, to 72.0%.
• EPS of €0.080 declined 17.5% and missed the €0.11 consensus estimate.