Italian fashion firm Tod's turnover soars 21.7% in H1 FY23

The EBITDA for H1 FY23 was reported at €138.8 million, giving a margin on sales of 24.4 per cent, which is five percentage points higher than the 19.4 per cent margin recorded in the first half of FY22. The considerable increase extended to the operating result (EBIT) as well, reaching €60.3 million with a margin on sales of 10.6 per cent, almost tripling the margin compared to H1 FY22, the company said in a media release.

Net results were also in the positive spectrum, standing at €30.9 million, a substantial increase from the €0.8 million net income seen in H1 FY22.

When breaking down consolidated sales by brand, Tod's Group witnessed double-digit growth across all its brands. Tod’s itself experienced a growth of 21.3 per cent at reported rates, generating €283.3 million, followed by Roger Vivier which enjoyed a 28.4 per cent growth to reach €152.5 million. Hogan and Fay recorded sales growths of 14.3 per cent and 19.8 per cent, amounting to €108.5 million and €23.5 million respectively. The 'other' category saw a change from €0.7 million in H1 FY22 to €1.3 million in H1 FY23.

Tod’s group saw solid double-digit growth in both European and Asian markets. The highest growth was noted in Greater China, witnessing a 43.2 per cent increase at reported rates, followed by a 23.9 per cent rise in the 'rest of world' category at reported rates. The European markets, excluding Italy, and Italy itself grew by 14 per cent and 12.2 per cent, respectively. The only decline was seen in the Americas, with a slight decrease of 1.8 per cent in reported rates.

“I’m very satisfied with the results achieved by our Group in the first half of 2023: the double-digit growth in revenues, for all brands, was accompanied by a strong improvement of profitability, with the operating result more than tripling compared to last year. The results of Tod's and Roger Vivier were particularly brilliant, in all their product categories, confirming the ever-increasing appreciation by customers for the very high quality of the products, their craftsmanship and their style,” said Diego Della Valle, chairman and CEO.

Fibre2Fashion News Desk (DP)