MILAN, September 8 (Reuters) – Tod’s fell to an operational loss in the first part of this year after a 44% drop in sales due to the coronavirus crisis, which forced luxury goods brands to temporarily close retail stores around the world and close Production Sites.
Annual effects will also be affected by the pandemic despite recent signs of recovery in China, the organization said Tuesday, adding that it was too early to quantify the effect of the emergency.
Revenues for the Italian company, noted for its Gommino loafers, fell to 256. 9 million euros ($ 302. 89 million) in the six months of June, in line with analysts’ estimates of 255 million euros. , according to Refinitiv consensus.
At the time of quarter, the peak affected by the crisis, sales fell 56. 3%.
“The quarter of the moment was worse than the first, as at most all retail outlets were closed for most of the period,” Tod’s founder and largest shareholder Diego Della Valle said in a statement. “In recent weeks, we have seen encouraging signs of recovery,” especially in China, where the organization is experiencing double-digit expansion rates, he added. Europe and America remain weak. On an adjusted basis, the organization recorded a pre-interest and tax loss (EBIT) of 64. 1 million euros against an operating profit of 5. 8 million in the first part of 2019.
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