Tod’s, the shoewear company, has reported an EBITDA of €65m (£55m), with a 16.3% margin on sales in the first half of 2021.
This compares to a €18.7m (£16m) operating loss in the first half of 2020.
Compared to the pre-pandemic situation in the first half of 2019, the company reported a decline in the industrial margin, mainly due to “higher costs of raw materials and logistics, and a greater incidence on revenues of operating costs”.
Tod’s also reported an EBIT of €-2.7m (£-2.3), compared to a €94.1m (£80.3) operating loss in H1 2020, with the group’s Net Result at €-20.7m (£17.7m), compared to a €80.6 (£68.8) loss in H1 2020.
Meanwhile, the group’s sales were €398.4m (£340m), up 55.1% from H1 2020, with currency fluctuation outlined as the largest negative contribution.
Diego Della Valle, chairman and CEO of the group, said: “The second quarter of the year confirmed an acceleration of the Group’s performance, especially in the areas of the world where the stores are working at full capacity.
“The results of the e-commerce channel were excellent, thanks also to the important investments made in the digital division. I believe that the increase in volumes and the quality of revenues, together with the careful control of overhead costs, will allow us to achieve a gradual improvement in margins.”