PRADA (01913) announced its financial results for the first quarter of 2026. On a constant exchange rate basis, net revenues reached €1.428 billion, representing a 14% increase compared to the same period last year, with organic growth of +3%. Exchange rate fluctuations had a negative impact of 7.4 percentage points, resulting in a reported growth rate of 6.4%.

Retail sales amounted to €1.245 billion, a 10% year-on-year increase, with organic growth of +1%. The PRADA brand's net retail sales showed a solid performance with a +0.4% increase, maintaining the same level as the fourth quarter of 2025. This was attributed to further improvements in performance in the Americas and Asia Pacific regions, particularly in Mainland China, Hong Kong, and Macau. The performance was primarily supported by full-price sales, which have shown stable, gradual improvement over recent quarters, including Q1 2026, despite a negative impact from the Middle East. The strong performance in full-price sales was partially offset by a continued reduction in contributions from concession stores.

The Miu Miu brand achieved a 2.4% increase in net retail sales, despite facing a very high comparison base from the previous year (+60%) and more significant adverse effects from the conflict in the Middle East. The Americas region continued to show significant growth, and the Asia Pacific region demonstrated robust, positive growth momentum. However, growth in these regions was partially offset by a slowdown in Europe, particularly in tourist spending, and in the Middle East.

The performance of Versace met expectations, benefiting from a gradual repositioning in the market, shifting towards full-price sales, higher quality, and an expanded product range. Church's maintained positive momentum in net retail sales, growing 1.7% compared to the same period in 2025.

By brand, PRADA's net revenues were €862.4 million, Miu Miu's were €407 million, Versace's were €143 million, Church's were €9 million, and other brands contributed €6.3 million.

Furthermore, the Americas market delivered a strong performance, achieving mid-teens percentage growth, benefiting from recent investments and solid execution. The Asia Pacific region showed robust growth, driven by Greater China and South Korea, while Japan's performance remained stable.