(Reuters) – Italian luxury fashion group Prada SpA on Wednesday recorded an annual net loss of 54 million euros ($64.20 million) due to store lockdowns, but said the global retail landscape recovered to pre-pandemic levels by the end of last year.
Prada logged a net income of 255.8 million euros in fiscal 2019, before its sales took a massive hit as the COVID-19 crisis shuttered stores across its key Europe and Asia markets.
Total net revenues for the year ended Dec. 31, 2020, fell 24% to 2.42 billion euros at constant currency, Prada said.
Still, the Milan-based firm’s digital push and store reopenings led to a “full recovery in the second-half to pre-pandemic profitability levels,” it said.
Along with its annual results, Prada declared a dividend of 3.5 euro cents per share, up from 2 euro cents last year.
($1 = 0.8411 euros)
(Reporting by Anushka Trivedi in Bengaluru; Editing by Devika Syamnath)
