Tod’s narrows full-year net loss on strong sales

Luxury Italian group Tod’s managed to significantly narrow its net loss in fiscal 2021 as sales neared pre-pandemic levels.

The company made consolidated sales of 883.8 million euros in 2021, up 38.7 percent from a year earlier and just 3.5 percent below 2019 levels.

Sales improved as the year progressed, with growth in the fourth quarter of 41.6 percent compared to 2020 and 9.6 percent compared to 2019.

“Our fiscal 2021’s financial performance was very satisfactory and exceeded our expectations,” said group chair and CEO Diego Della Valle in a statement.

Upbeat on 2022

He added that year-to-date sales trends in stores are “very good”, and said the reaction to its FW23 collections presented during the last Fashion Week have been “extremely positive”, which translated into an “excellent” FW sales campaign.

The group, which alongside its namesake brand also owns labels Roger Vivier, Hogan, and Fay, reported a net loss of 5.9 million euros in 2021 compared to a loss of 73.2 million euros the prior year.

The group reported an operating profit of 24.2 million euros compared to a loss of 135.4 million euros a year earlier.

Tod’s said it will not pay dividends.

While it didn’t provide outlook figures, the company remains “optimistic about 2022 and confident we can continue to build on a solid path of sales and profitability growth”.