Tod’s Group: stagnant sales, yet declining EBTIDA
Tod’s Group (Tod’s, Hogan, Fay, Roger Vivier) ended the first quarter of 2014 with a turnover of 253.8 million euro, in line with the first quarter of 2013 at current exchange rates and an increase of 2.2% at constant exchange rates . The period was affected by the rationalization of distribution independent .
This rationalization has affected all the brands , “but has been particularly visible on the sales of Hogan and Fay , which are those with the greatest exposure to the Italian market and the wholesale channel .” In the first three months Hogan and Fay have recorded declining sales 65.7 and 14 million Euros in sales (-7.2 % and -6 % over the same period of 2013 ) . Revenues for the Tod’s brand rose 0.8% to 142.6 million.
Tod’s Group best performing brand remains Roger Vivier which registered an increase in sales of 24.2% to 31.3 million.
In the quarter EBITDA of Tod ‘s Group totaled € 56.8 million , a decrease of 10.7 %, a performance which weighs the different timing of marketing expenses. EBIT decreased by 13.3% to € 46.3 million. The net financial position was positive by 144.8 million euro.
“The results – said Diego Della Valle, president and CEO of the group are in line with our expectations and reflect the high volatility of sales and the weakness of some important markets for luxury goods, such as China. In this context, we continue to invest in the development of the distribution network and production capacity”