Zhi Tong Cai Jing·2025-08-01 02:08Core Viewpoint - Prada's performance in the first half of the year was slightly below expectations, with net retail sales for both the Prada and Miu Miu brands not meeting forecasts, leading to a decline in stock price [1] Financial Performance - Prada reported revenue of €2.74 billion, which was 2% lower than both the bank's and market expectations [1] - The retail net sales for Prada decreased by 3.6%, while Miu Miu's sales increased by 40% [1] - Sales growth for Prada, when adjusted for fixed exchange rates, was 9% year-on-year, aligning closely with the bank's predictions [1] Profitability and Costs - The gross margin exceeded expectations due to channel structure optimization, but net profit was below expectations due to costs associated with the acquisition of Versace and weak sales [1] - Net profit increased by 0.6% year-on-year, which was 7% lower than the bank's forecast [1] Market Trends and Future Outlook - The management anticipates that tourism consumption demand will remain under pressure in the third quarter, with Miu Miu facing significant year-on-year comparison challenges [1] - Management expects overall tourist traffic in Japan and Europe to stabilize by the end of August [1] - There is a belief that Miu Miu has low penetration rates in many countries and potential for further improvement in product categories and combinations [1]