Tod’s cuts full-year net loss on strong sales
Italian luxury group Tod’s has managed to significantly reduce its net loss in fiscal 2021 as sales approach pre-pandemic levels.
The company achieved consolidated revenue of 883.8 million euros in 2021, up 38.7% year-on-year and just 3.5% below 2019 levels.
Sales improved as the year progressed, with fourth-quarter growth of 41.6% over 2020 and 9.6% over 2019.
“The financial performance of our 2021 financial year has been very satisfactory and has exceeded our expectations,” Group Chairman and CEO Diego Della Valle said in a statement.
Optimistic for 2022
He added that year-to-date sales trends in stores are “very good”, and said the reaction to his FW23 collections shown during the last Fashion Week was “overwhelmingly positive”, which resulted in an “excellent” FW sales campaign.
The group, which also owns the Roger Vivier, Hogan and Fay labels alongside its eponymous brand, recorded a net loss of 5.9 million euros in 2021 compared to a loss of 73.2 million euros the year. former.
The group reported an operating profit of 24.2 million euros against a loss of 135.4 million euros a year earlier.
Tod’s said it would not pay dividends.
While it didn’t provide outlook numbers, the company remains “optimistic for 2022 and confident that we can continue to build on a strong trajectory of sales and profitability growth.”