UP AND UP: Tod’s SpA shares closed up 9.62 percent to 23.02 euros on Thursday in Milan, following encouraging signs of recovery in the results from the Italian luxury group released a day earlier.
As reported, double-digit growth in China in the third quarter and very strong gains in the group’s e-commerce channel stirred Diego Della Valle, chairman and chief executive officer of the Tod’s Group, to say he was “convinced that, after these moments [hurt by the pandemic],” the company “will be able to perform very well, thanks to the strength of its brands, the excellent quality of its products, the skills of its management teams and the solidity of its capital structure.”
Despite the improvements, year-to-date figures in the first nine months of 2020 continued to show steep declines, hurt by the consequences of the coronavirus pandemic. Revenues fell 33.2 percent to 452.6 million euros, compared with 677.7 million euros in the same period of 2019. The figures were impacted by slightly negative currency fluctuations. Sales in the third quarter decreased 12.3 percent to 195.7 million euros.
Della Valle pointed to a positive trend continuing throughout October.