Tod’s archive 2013 with consolidated revenues equal to 967,5 million (+0,5% compared to 2012), of which 214,9 million euros (+0,8%) realized in the fourth quarter alone. The annual figure is lower than the estimates of analysts, who on average had forecast a turnover of 985,26 million.
The disappointment of the markets sinks the company's stock on the Stock Exchange, which today, about an hour after the opening, leaves more than five percentage points on the field. UBS lowered the target price on the stock from 101 to 97 euros, to reflect the 6% cut in profit estimates for 2014, Nomura from 116 to 105 euros, JP Morgan from 108 to 106 euros. However, the company underlines that the results were influenced by the unfavorable impact of currencies: at constant exchange rates, revenues would amount to 979,2 million, with an increase of 1,7% compared to the previous year.
“Despite the momentary uncertainty of the context, we have decided to continue to favor a medium and long-term growth strategy – commented XNUMX Diego Della Valle, president and CEO of Tod's – continuing to allocate resources to the development of the brands, investments aimed at strengthening the distribution, human and productive capital structure. Among these, I want to point out the construction in Italy of a new factory for the production of high quality accessories".
As for the individual brands, Tod's recorded revenues of 578,1 million, with an increase of 1,5% and Roger Vivier totaled 113,7 million (+52,5%). On the other hand, sales of the Hogan brand were down, -10,8% to 217 million. There was also a contraction for Fay (-22,6% to 57,6 million), the brand with the greatest exposure to the domestic market and the wholesale channel.
“The sales figures for the year – added Della Valle – confirmed, as expected, the dynamics already commented on in the previous quarters: excellent results abroad, mainly with the Tod's and Roger Vivier brands, partly diluted by the impact of the rationalization strategy of the wholesale network in Italy”.
The revenues in Italy they dropped to 323 million (-15,9%), mainly due to the rationalization of independent distribution. in the rest ofEurope group sales totaled 207,8 million, an increase of 3,8%. Particularly good are the results of Britain e France, according to the release. Finally, double-digit growth in the market Greater China (+21,3% to 237,5 million) and in that Use (+ 10,5% to 90,3 million).
