Tod’s Group, a renowned Italian luxury goods company, has reported earnings before interest and taxes (EBIT) of €94.7 million (approximately $103.5 million) for fiscal 2023 (FY23), translating to 8.4 per cent of sales, while the net result was a commendable €50 million, or 4.4 per cent of sales.

The company saw a significant increase in its consolidated sales for FY23, reaching €1.126 billion (approximately $1.123 billion), marking an 11.9 per cent rise from the previous fiscal. When adjusted for constant exchange rates, the group’s revenues stood even higher at €1.147 billion, showcasing a robust 14 per cent increase from FY22. Despite its growth, the group reported a net financial debt of €89.7 million.

A significant portion of this success is attributed to the retail channel, which constitutes approximately 75 per cent of the group’s turnover and recorded solid double-digit growth. The e-commerce segment also saw notable expansion, benefiting from the group's strategic investments in digital platforms. By the end of December 2023, Tod’s expanded its distribution network to 345 directly operated stores (DOS) and 99 franchised stores, up from 333 DOS and 89 franchised stores at the end of the previous year, the company said in a media release.

The group’s performance in the fourth quarter particularly stands out, with a 7.5 per cent growth at constant rates, primarily fuelled by an 11.9 per cent increase in the retail channel’s sales.

“I am very pleased with the results released today; in FY23 our Group recorded double-digit growth in revenues and a strong improvement in profitability. At constant exchange rates, all brands grew double digits. We are very pleased to have achieved our yearly targets, even within a challenging international macroeconomic environment,” said Diego Della Valle, chairman and CEO of Tod’s Group.

Fibre2Fashion News Desk (DP)

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