Citigroup's research report pointed out that l'occitane (00973.HK)'s net profit in the fiscal year 2024 fell by 18% year-on-year, mainly due to weaker-than-expected revenue performance, with only about 19% growth, as well as unexpected asset impairment losses and higher actual income-tax rates. The performance of core operating profit during the period met expectations, with an improved core operating profit margin, partially offsetting the impact of weak sales.

Considering the poor performance in the fiscal year 2024, Citigroup has lowered its forecast for the group's net profit for the fiscal years 2025 to 2026 by 16% and 13% respectively. The target price has been raised from HKD 32.8 to HKD 34 to match the privatization offer. However, due to the current fluctuation of the stock price within the privatization offer range, the rating has been downgraded from "buy" to "neutral".