The Italian luxury company Tod’s Group achieves a turnover of 467.5 million euros in the first half of 2022
The Group’s operating results improved compared to the first half of 2021, driven by sales growth and a more favorable revenue mix by region, distribution channel and product category, in addition to the lower impact of promotional sales, a the company said in a statement. Press release.
The return to near-normal activity, in almost all regions, determined an increase in the percentage of impact on sales of service costs (equal to 27% of revenue in H1 2022, compared to 23 .8% in H1 2021) and the cost of use of third-party assets (equal to 6.8% of revenues in the first half of 2022, compared to 6% in the first half of 2021). On the contrary, the percentage weight of personnel costs decreased (equal to 24.7% of revenue in H1 2022, compared to 25.7% in H1 2021), despite the increase in the Group’s workforce.
Tod’s Group, the Italian company operating in luxury and quality footwear, accessories and clothing, announced consolidated sales of 467.5 million euros for the first half (H1) 2022 ended June 30, in up 17.4% compared to H1 2021. Group revenues amounted to €455.4 million, up 14.3% compared to the first half of 2021, while EBITDA improved amounted to 90.6 million euros.
The operating result amounted to 17.7 million euros, with a margin on sales of 3.8%, compared to an operating loss of 2.7 million euros in the first half of 2021.
In the first half of 2022, the Group invested €17m in property, plant and equipment and intangible assets, slightly lower than the €19m in H1 2021. Most of these investments were dedicated to expanding and updating the DOS network; the rest concerned continuous renewal at the industrial and corporate level, with a particular focus on digital.
Net operating working capital amounted to €314.7 million as of June 30, 2022, broadly in line with the balance of €314.5 million as of June 30, 2021.
The net financial position is negative and equal to 574.3 million euros, against a debt of 562.3 million euros, as of June 30, 2021. As of June 30, 2022, the Group’s shareholders’ equity amounted to 1,007 .2 million euros, compared to Balance of 984.6 million at June 30, 2021.
Diego Della Valle, Group Chairman and CEO, commented: “The Group’s revenues increased by 17.4% in the first half of 2022 and returned to values higher than those of 2019. Thanks to the growth in revenues, the half-year also recorded an improvement in the operating result. We are satisfied with these results which confirm the appreciation of the exceptional positioning of our brands and the high quality of our products. In the meantime, we are carefully examining the performance of international markets, which are currently difficult and full of unknowns, both from an economic and geopolitical point of view.
“We are therefore paying the greatest attention to the evolution of costs linked to energy, logistics and raw materials. We also consider the rationalization and efficiency of the distribution network and the development of the omnichannel channel as priorities, with the aim of increasing like-for-like and higher-margin revenue.
Fibre2Fashion (KD) News Desk