The company saw a significant increase in its consolidated sales for FY23, reaching €1,126 million (approximately $1,123 million), which is an increase of 11.9 percent over the previous fiscal year. When adjusted to constant exchange rates, the group's revenue was even higher at €1,147 million, showing a solid 14 percent increase over FY22. Despite its growth, the group recorded a net financial debt of 89.7 million euros.
Tod's Group recorded a significant EBIT of €94.7 million ($103.5 million) in FY23, representing a sales ratio of 8.4 percent, with consolidated sales reaching €1,126 million euros ($1.123 billion), an increase of 11.9 percent year over year. The company's retail channel, which accounted for 75 per cent of turnover in FY23, saw strong growth, along with e-commerce.
A major part of this success is attributed to the retail channel, which constitutes approximately 75 per cent of the group's turnover and recorded strong double-digit growth. The e-commerce segment also experienced notable expansion, benefiting from the group's strategic investments in digital platforms. As of the end of December 2023, Tod's expanded its distribution network to 345 directly operated stores (DOS) and 99 franchised stores, up from 333 DOS and 89 franchised stores at the end of the previous year, the company said in a press release.
Particularly noteworthy is the group's performance in the fourth quarter, with growth of 7.5 percent at constant rates, mainly driven by an 11.9 percent increase in sales in the retail channel.
“I am very satisfied with the results published today; In FY23, our Group recorded double-digit growth in revenue and strong improvement in profitability. At constant exchange rates, all brands grew double digits. “We are very pleased to have achieved our annual objectives, even in a challenging international macroeconomic environment,” he said. Diego Della Valle, president and CEO of Tod's Group.
Fiber2Fashion News Desk (DP)
