MILAN – Italian vogue team Prada explained on Tuesday that it would near 2020 with an running earnings irrespective of the strike from the coronavirus crisis, following revenues and profitability enhanced markedly in the next half of the year.

The Milanese luxury brand explained it experienced decided to offer the unscheduled business update, just before disclosing entire-year effects in March, due to the amazing condition and uncertainty made by the COVID-19 pandemic.

The fallout from the COVID-19 crisis brought on a 40% drop in Prada’s revenues at frequent currencies in the initial half of the year major to a 196 million euros running reduction ($240.five million).

Prada explained the next half of 2020, “irrespective of currently being impacted by ongoing store closures averaging nine% of the network, noticed a progressive restoration in product sales, culminating for the retail product sales in a entire restoration to 2019 levels in the month of December.”

(Corrects 3rd paragraph to clarify fall in revenues is at frequent currencies)

(Reporting by Claudia Cristoferi Modifying by Valentina Za and Alexander Smith)