Italy's Tod's optimistic on 2022 after beating FY profit forecast
Reuters
Published Mar 10, 2022 12:31PM ET
Updated Mar 10, 2022 01:16PM ET
MILAN (Reuters) - Italian fashion group Tod's expressed optimism for 2022 despite global uncertainties after returning to an operating profit last year.
The leather goods maker beat market expectations on Thursday with earnings before interest and taxes (EBIT) of 24.2 million euros ($26.6 million) versus a 3 million euro analyst forecast in a company-provided consensus.
Tod's, however, still posted a net loss last year of 5.9 million euros.
"Year-to-date sales trends in our stores are very good, confirming the growing appreciation of customers for both our brands and products," founder and main shareholder Diego Della Valle said.
The group said it decided not to pay any dividend.
Tod's, famous for its Gommino loafers, launched a new strategy in late 2017 to revamp its brands, but the health crisis has delayed results.
Earlier this year it said it had posted a strong sales recovery in 2021, marking the first revenue increase after five years of consecutive declines.
($1 = 0.9086 euros)
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.