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Burberry and Tod’s Groups Announce Quarterly Results

Burberry and Tod’s Groups Announce Quarterly Results

Burberry and Tod’s have announced their financial results, which are rather mixed for the British House of Burberry while the performance of the Italian group Tod’s remains growing.

 

Weather and restrictions weigh on Burberry

 

Burberry reported the results on Thursday and said its sales were flat in the second quarter. The reason for this is the bad weather and travel restrictions currently being experienced in China.

 

In fact, footfall in China, Burberry’s main market, had fallen in August, reveals Julie Brown, the brand’s chief financial officer. However, she added that footfall had improved in September and was in line with expectations for October.

 

Gerry Murphy, Burberry’s group president, reports an increase in results in countries less affected by travel restrictions. He also expressed confidence that the group would achieve its medium-term objectives.

 

However, the global Covid-19 pandemic continues to weigh on the group’s results, especially in relation to the decline in the number of tourists in Europe.

 

In addition, on the London Stock Exchange, Burberry’s stock fell by almost 5.21%. Nevertheless, Burberry revealed a 45% year-on-year increase in revenue to €1.41 billion.

 

Tod’s exceeds pre-pandemic levels driven by US and China

 

The Tod’s Group is back on track with its financial results and even exceeds pre-pandemic performance. These results have seen an increase of almost 40% in the first nine months of the year, exceeding analysts’ expectations. These results were driven in particular by the Chinese and American markets.

 

Sales reached 224.3 million euros in the quarter, exceeding analysts’ expectations of 207 million euros in a Refinitiv survey and compared to 223 million euros in the same period in 2019.

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As a reminder, the global pandemic had impacted the results of the Tod’s group, a drop of 33% is estimated. Tod’s is among the hardest hit groups in the luxury industry.

 

“We are particularly pleased that during the quarter, retail revenues exceeded 2019 values and that October confirms this acceleration of commercial results “ Diego Della Valle, CEO of Tod’s, said.

 

Read also > LUXURY SECTOR ON TRACK TO RETURN TO PRE-COVID LEVELS

 

Featured photo : © Tod’s

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