Italy’s Tod’s optimistic on 2022 after beating FY profit forecast -Breaking
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© Reuters. A Tod’s store is seen in Rome on February 10, 2016, as people walk by it. REUTERS/Tony GentileMILAN (Reuters – Tod’s, an Italian fashion company, expressed optimism about 2022 despite global uncertainty after making an operating profit in last year’s financial year.
On Thursday, the leather goods manufacturer beat expectations with earnings before interest taxes (EBIT), of 24.2 millions euros ($26.6million). This compares to a forecast by an analyst for 3 million euros in a company-provided consensus.
Tod’s posted however a net loss of 5.9 Million Euros last year.
Diego Della Valle, founder and principal shareholder said that “Year to date sales trends in stores are very positive, confirming customers’ growing appreciation for our brands and products.”
According to the group, it has decided not pay any dividends.
Tod’s loafers are well-known for their Gommino breads. In late 2017, Tod’s launched a new strategy, but it was delayed by the current health crisis.
It announced earlier this year that it experienced a sales rebound in 2021. This marked the company’s first increase in revenue after five consecutive years of declines.
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