Tod’s posts modest financials in the first half of 2015
Italian luxury shoemaker Tod’s has reported a modest 0.1 percent turnover increase in the first half of the year, as sales growth accelerated in the second quarter after a weak start to 2015.
Tod’s said earnings before interest, tax, depreciation and amortisation (EBITDA) in the six months through June were 103 million euros ($112.42 million), compared with an average analyst forecast of 95.5 million euros.
First-half sales rose 7.9 percent to 515.3 million euros, above analyst expectations of 500.5 million euros. At constant rates, sales rose 1.8 percent in the period after a 3 percent decline in the first three months.Chairman and CEO Diego Della Valle said he expected the group to achieve good results also in the second half.
Same-store sales in the first 31 weeks fell 5.6 percent at constant currencies — an improvement compared to an 8 percent drop in the 19 weeks to May 10.