MILAN — Tod’s SpA shares tumbled Wednesday, falling 7.9 percent in early trading but recovering by the end of the day and closing down 3.67 percent at 23.12 euros. The shares were hit by the report the previous evening of the Italian luxury group’s performance in the first six months of the year.

Impacted by the lockdown enforced practically worldwide in the second quarter in the wake of the coronavirus pandemic, the group posted a net loss of 80.6 million euros, compared with a loss of 5.7 million euros in the first half of 2019, while revenues fell 43.5 percent to 256.9 million euros.

Chairman and chief executive officer Diego Della Valle said that over the past few weeks, the group is “registering encouraging signs of recovery, particularly in China, where we are recording double-digit growth rates, while Europe and the Americas remain weak, heavily penalized by the lack of tourists,” and that it was relying on a loyal customer base and the fundamentals of its brands, focusing on the development of its digital tools.

However, analysts were not impressed.

Jefferies noted that, despite the improvements in China, it was unlikely the group could see a significant recovery of sales in light of the weak demand in Europe and America, stating in its report that it’s probable Tod’s could continue to lose market share compared with competitors protected by a stronger brand.

According to Intermonte, “the crisis hit the company while it was running a global project to reposition the Tod’s brand in the very competitive luxury arena. Now the sharp market crisis triggered by the COVID-19 outbreak is likely to compromise the Tod’s brand repositioning further and undermine the company’s already weak profitability.”

Citi sees a long way to go before a recovery and in its report, Equita stated that the performance in the first half was below its expectations. It noted that the conference call on Tuesday with chief executive officer Umberto Macchi di Cellere and chief financial officer Emilio Macellari lacked fresh insight and “no specific input on current trading, which after all is not indicative in the summer months, given the different timing of the summer discounts.” Equita estimated a 6 to 7 percent dip in revenues and a double-digit drop in operating profit for 2020/2021. “The visibility of a potential relaunch of the brand remains limited,” it said.

In a year, the company’s shares have lost 50.9 percent of their value.

Despite it all, Della Valle and his brother Andrea, vice chairman, continue to support the company. In March, the siblings revealed that they were waiving their remunerations for the year 2020 and that the company would not distribute any dividends.

According to an online document on the Tod’s site, in 2019 Diego Della Valle’s salary amounted to around 1.8 million euros, while that of his brother totaled around 1.3 million euros. The Della Valle family is the main shareholder in the group, controlling a 71 percent stake.

This week, the Della Valle family’s initiative with the Civil Protection authority to support relatives of the health personnel who lost their lives in the fight against COVID-19 has come into effect. In April, the Della Valles created the “Sempre con Voi [Always with You]” fund, and through their own donation of 5 million euros and that of private citizens, it has reached a total sum of 11 million euros and will be able to help 200 families.

Their selflessness and courage will forever be an example to all of us,” said the Della Valles in a statement at the time.

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