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Outstanding results in first half: TOD's Chairman
Aug '11
The Board of Directors of Tod's S.p.A., the Italian company listed on the Milan Stock Exchange and holding of the luxury goods group of the same name operating in luxury and quality shoes, accessories and apparel with the Tod's, Hogan, Fay and Roger Vivier brands, today approved the Group's 2011 Half-Year Report.

Consolidated sales were 439.5 million Euros in the first half of 2011, up 16.4% from H1 2010.

All the distribution channels posted outstanding performances, in all the product categories and the geographical regions.

The Group achieved a strong improvement of its operating profitability1. Consolidated EBITDA was 115.6 million Euros in the first half of 2011 (+27.5% compared to H1 2010) with a 26.3% margin on sales (+230 basis points versus H1 2010). EBIT was 96.4 million Euros (+29.8% compared to H1 2010) with a 21.9% margin on sales (19.7% EBIT margin in H1 2010). The Group's net income was 65.4 million Euros, up 26.7% from H1 2010.

Diego Della Valle, Chairman and CEO of the Group, commented as follows: “Half-year results confirm once more the effectiveness of our strategy, which allows our Group to continue to grow double-digit its revenues and to further improve its good profitability. The strong results achieved by our stores, in all the product categories and the areas where we operate, demonstrate that our customers increasingly appreciate the superior quality of our products and their iconic image, both being even more important to face challenging moments, as the current one. Our brands are increasingly appreciated in all the markets, with no exception. Considering the strong results of the Fall Winter orders' collection, I'm confident that also the second half of the year will deliver great results.”

At constant exchange rates, meaning by using H1 2010 average exchange rates, sales revenues would have been 438.5 million Euros, with growth of 16.2%, EBITDA and EBIT would have been 114.2 and 94.9 million Euros, respectively.

The Tod's brand achieved excellent results, showing an acceleration of its growth (+19.3% in Q1 2011, +25.6% in Q2 2011), driven by the outstanding results of the DOS network, in all the product categories and the geographical regions.

In the first half of 2011, the brand's sales totalled 239.7 million Euros, up 22.3% from H1 20102 .

Revenues of the Hogan brand were 148.3 million Euros, with growth of 7.9% from H1 2010, driven by the organic growth in Italy. The brand is currently focused on its expansion abroad, with emphasis on the Asian markets, where some stores are scheduled to be opened in the next few months.

The Fay brand totalled 35.4 million Euros of sales, with growth of 3.3% from H1 2010, driven by the Italian market, as well.

Finally, the Roger Vivier brand's revenues were 15.6 million Euros in H1 2011, up 64.3% from H1 2010. This growth rate is considerable, despite we continue to remind that this brand is still consolidating its positioning among the most exclusive luxury brands worldwide.

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