Tod's SpA H1 FY20: sales €257 mn; net loss €81 mn

16 Sep '20

2 min read

Pic: Shutterstock

Tod's SpA, an Italian manufacturer luxury shoes and other leather goods., has announced financial results for half year (H1) fiscal 2020 ended on June 30, 2020. Sales in first half FY20 were down 43.5 per cent to €256.9 million compared to sales of €454.6 million in same period previous fiscal. Net loss for H1 FY20 was €80.9 million (H1 FY19: €6.0 million).

“Due to the rapid expansion of contagions all over the world, the second quarter was worse than the first one, since almost all the stores were closed for most of the period. We have focused even more on the e-commerce channel, which is growing very well, is giving us excellent results and which allows us to reach also many new customers,” Diego Della Valle, chairman and CEO of Tod’s Group, said in a press release.

EBIT (earnings before interest and taxes) during H1 FY20 were a loss making of €94.1 million compared to earnings of €5.8 million in Q1 FY19.

Sales of Tod’s brand fell 46.1 per cent to €124.5 million (€231.2 million). Roger Vivier brand sales were down 39.2 per cent to €61.4 million (€101.0 million). Hogan sales declined 41.9 per cent to €58.4 million (€100.5 million). Fay sales slipped 42.2 per cent to €12.4 million (€21.5 million).

Sales of shoe product during H1 FY20 decreased to €211.8 million (€367.8 million). Leather goods and accessories sales dropped 51.8 per cent to €30.0 million (€62.3 million). Sales of apparel were €14.9 million (€24.1 million).

Tod’s sales decreased in all the regions during H1 FY20: Italy €65.6 million (€125.2 million); Europe (exc Italy) €61.2 million (€115.3 million); Americas €16.1 million (€34.0 million); Greater China €74.3 million (€111.6 million); and Rest of World €39.7 million (€68.5 million).

In the latest weeks, we are registering encouraging signs of recovery, particularly in China, where we are recording double-digit growth rates, while Europe and the Americas remain weak, heavily penalised by the lack of tourists,” Valle said.

Fibre2Fashion News Desk (JL)

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