Italian luxury group Tod’s net profit for 2013 decreased 8% as sales didn’t make up for the rising costs affecting profitability. Tod’s also confirmed its net profit stood at 133.8 million euros ($185.4 million), compared with last year’s €145.46 million.
Revenues were almost on par compared with the previous year, at €967.5 million, boosted by the Roger Vivier luxury brand, which posted the highest sales increase and was up over 50%. Hogan and Fay saw their revenues decline by 11% and 23%, respectively, due to the two brands’ high exposure to the Italian market, the company said.
Greater China was the top market for Tod’s as sales in the area increased 21% to €237.5 million. The company’s domestic market continued to suffer and revenue in the area dropped 16% to €323 million.
Ebit declined 7.5% to €193.1 million, while Ebitda was down 5.5% to €236.3 million, as the company said that operating profitability was particularly affected by the higher incidence on sales of rents and labor costs.
More from NEWS
Since 1993, the Seamaster Diver 300M has enjoyed a legendary following. This year, the collection celebrates 25 years with a …