Tod’s Group reports first half declining sales and profits
Tod’s Group first half turnover declined by 3,4% to a total of 497.6 million euro (-3.4%). The EBITDA of the first half decreased to 86.3 million (103 million) and the EBIT to 62 million (from 77.5 million).
Net income of the Tod’s group decreased by almost 26% to 37.4 million, from 50.38 in the same period last year. Reuters analysts expected a profit of 38 million and an EBITDA of 87 million.
The Tod’s brand, in particular, posted half-year revenues of 282.5 million, down 7% due to lower purchases of tourists in Europe and the US, in addition to the weak market Greater China.
Hogan suffered a decline of 2.5% to 106.1 million, while Fay has posted an increase of + 8.8% to 24.9 million. Roger Vivier has reached 83.4 million – an increase of 6.2%.
The net financial position was negative for 112.7 million, due to the impact of the acquisition of the brand Roger Vivier, without which it would have been positive and greater than that of June 2015.
“The negative impact of the organic growth of the stores was partly offset by the rationalization plan and cost containment, it will continue to yield results in the coming months,” said President and CEO Diego Della Valle, which plans the opening of specialty stores, to favor the development of the organic growth of the network.