Tod's sales rise 17% in H1, above pre-Covid levels

Sales at Italian fashion group Tod's rose by 17% in the first half of the year, broadly in line with market expectations, despite a Covid-driven slump in China in the second quarter.

Revenues totalled 467.5 million euros ($464.70 million) in the six months to June, pushed by Europe and Americas, while they fell by 19% in Greater China at constant exchange rates due to COVID-19 restrictions.

Operating profit improved to 17.7 million euros from a 2.7 million euros loss an year earlier, the company said on Wednesday.

Analysts had expected 464 million euros in sales and a 9 million euros EBIT, according to a Refintiv consensus.

 ​"Revenues returned to values higher than those of 2019", founder and main shareholder Diego Della Valle said in a statement, adding the group would focus on distribution network efficiency and on digital "with the aim of increasing like-for-like and higher-margin turnover".