The Italian fashion group Tod’s SpA was able to achieve a significant increase in sales and a small profit in the first half of the 2022 financial year. According to the interim report published on Wednesday, losses in China were more than offset by strong growth in the other market regions.
In the months from January to June, the group generated sales of EUR 467.5 million. This exceeded the corresponding prior-year level by 17.4 percent. Adjusted for exchange rate changes, revenues grew by 14 percent.
In Greater China, business suffered from the temporarily tightened protective measures against the Covid 19 pandemic. Revenues there fell by 13 percent (currency-adjusted -19 percent) to 135.7 million euros. All other markets, on the other hand, went up. In Italy, sales increased by 23 percent to 109.5 million euros, in the rest of Europe by 37 percent (currency-adjusted +36 percent) to 102.3 million euros. Revenues in the Americas increased by 49 percent (+38 percent at constant currency) to EUR 38.0 million, while in the rest of the world they grew by 54 percent (+56 percent at constant currency) to EUR 82.0 million.
All Group brands contributed to the increase in sales. The revenues of the label Tod’s amounted to 233.5 million euros and exceeded the level of the same period in the previous year by 24 percent (currency-adjusted +21 percent). Sales at Roger Vivier increased by five percent (currency-adjusted +1 percent) to 118.7 million euros. Hogan increased by 18 percent (currency-adjusted +16 percent) to 95.0 million euros, Fay by 17 percent (currency-adjusted +17 percent) to 19.6 million euros.
Thanks to the strong growth in sales, the group made significant progress in terms of earnings: the operating profit amounted to 17.7 million euros, after an operating loss of 2.7 million euros had to be reported for the first half of the previous year. The bottom line was a net profit of 0.8 million euros. In 2021, the company had posted a half-year loss of 20.7 million euros.