The Italian fashion group Tod’s SpA also ended the 2021 financial year with a loss. However, thanks to strong sales growth, the shortfall was significantly lower than in the previous year. In addition, the results that the company presented on Thursday exceeded market expectations.
The group of companies, which includes the brands Tod’s, Hogan, Roger Vivier and Fay, was able to return operationally to the profit zone in the past year: Earnings before interest and taxes (EBIT) amounted to 24.2 million euros, after 2020 still one corresponding deficit of 135.4 million euros had been booked. The net loss was reduced from 73.2 million euros to 5.9 million euros.
The group attributed the improvement in earnings to “conscientious cost management” and the high increase in sales. The company had already announced in January that it was able to increase its revenues by 38.7 percent to EUR 883.8 million compared to the previous year. In 2020, the effects of the Covid-19 pandemic had had a significant impact on business.