Rain of sales in Piazza Affari on the title Tod’s, which after a thrilling opening at -6% to 40,24 euros recovered in part while remaining sharply down (-.6% to 41,20 euros at 9:57 am). The fall comes in the wake of the publication of the 2018 financial statements, which disappointed market expectations.
Tod's closed last year with a turnover consolidated down by 2,4% to €940,4 million (-0,5% to €958,2 million at constant exchange rates).
At constant exchange rates, the revenues of the brand Tod’s amount to 509,6 million, while those of Hogan they reached 207,5 million. The brand Roger Vivier it recorded sales of €179 million. Finally, the revenues of the Fay brand amounted to 61,3 million.
THEEbitda it decreased to 118,3 million (-26,3%), 5,5% lower than analysts' expectations.
Firm operational management with a EBIT of 71,8 million (-35,7%), below the consensus by 8,6%.
THENet income it stood at 47,1 million, down by 33,6% compared to 2017 and by 10,3% compared to analysts' estimates.
As at 31 December 2018 the net financial position of the group is negative for 75,3 million, which compares with a positive value of 9,3 million at the end of 2017.
It also reduces the dividend proposed by the Board of Directors to the shareholders' meeting: 1 euro against 1,4 euro in 2017.
“The results for 2018 reflect the industrial project underway in the group – he comments XNUMX Diego Della Valle, chairman and chief executive officer of the group – and the strategic decision to invest significant financial resources to support future revenue growth. We are working to ensure that the development plan for the next few years can be fully implemented as soon as possible. We are convinced that the business model we are developing for each brand is the right one, especially considering the world of strong and well-structured brands that are now on the market and with which we are dealing”.
