Citi published a research report stating that same-store sales of Prada's Prada brand improved in the second quarter, and shares are expected to respond positively. The Group's second-quarter sales reached 1.62 billion euros, about 3% higher than market expectations. After excluding Versace, organic growth was 7%, which is faster than 3% in the first quarter; among them, wholesale increased 21%, Prada retail grew 6%, and Miu Miu retail grew 3%. The Prada brand had the strongest performance in leather goods, followed by ready-to-wear collections, with footwear falling slightly year over year; Miu Miu's various categories grew more evenly. By country, Chinese customers grew in double digits year on year, Japanese and European customers remained flat, and North American customers increased by double digits year on year. Currently, the market generally expects Prada's sales to reach 6.42 billion euros in fiscal year 2026, an organic increase of 4%, EBIT is expected to reach 1.25 billion euros, and the EBIT profit margin will shrink by 370 basis points to 19.4% year on year. Citi believes that the market anticipates that there will be room for a low unit percentage increase, maintain a “neutral” rating, and target price of HK$38.

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