Prada (1913) Q1 2026 TU earnings summary

Executive summary

• Net revenues reached €1,427.7 million in Q1 2026, up 13.8% year-over-year (+2.6% organic), with retail sales accounting for 87.2% of total revenues.

• Retail sales totaled €1.24 billion, up 10.1% year-over-year (+1.1% organic), driven by full price sales and strong performance in Americas and Asia Pacific, despite challenging comps and Middle East conflict.

• Miu Miu retail sales grew 2.4% year-over-year, maintaining growth despite a tough +60% comp in Q1-25 and regional headwinds.

• Versace contributed €143 million in net revenues, performing in line with expectations and benefiting from repositioning towards full price sales.

• The group remains confident in brand desirability and long-term growth, focusing on high-end positioning and attracting new consumers.

Financial highlights

• Retail net sales: €1,244.6 million (+10.1% year-over-year); Wholesale: €129.4 million (+40.2%); Royalties: €53.7 million (+83.7%).

• Organic growth for total net revenues was 2.6% year-over-year.

• Exchange rate fluctuations negatively impacted reported growth by 7.4 percentage points.

• Americas retail sales up 34.4%, Asia Pacific up 13.5%, Europe up 1.7%, Japan up 1%, Middle East down 22.2%.

• Wholesale revenues rose mainly due to resumed shipments to Saks Global and strong duty-free channel.

Outlook and guidance

• Acceleration observed in the last two months, especially for Prada, with expectations of easier comparables and potential reacceleration in the second half of the year.

• Management remains positive on future growth, particularly as comps ease and new product categories are introduced.

• Expectation for more visible results in coming quarters, with steady performance and normalization for Miu Miu.

• Commitment to disciplined execution and ambition to deliver above-market growth.

• No specific quantitative guidance provided due to ongoing uncertainties.