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Italian luxury shoe maker Tod’s believes that analysts’ forecasts for sales and profitability in 2022 will be achievable despite the restrictions in China.
The chief financial officer of the Italian house Tod’s is optimistic for the year 2022 and considers that the analysts’ forecasts will be achievable in terms of sales and profitability, despite the slowdown of the economy and consumption in China, due to confinements.
The group said that 30% of its stores in China are currently closed and that online deliveries have stopped because its distribution center is in Shanghai, where heavy restrictions have been in place since mid-March. CFO Emilio Macellari believes a 40 percent drop in second-quarter sales in the country was a possibility, but that would depend on how long the restrictions last.
However, the group is confident that it can meet analysts’ expectations for the full year 2022. Indeed, it has adapted by implementing actions such as limiting or cancelling advertising and marketing spending in the affected areas and strong performance in Europe and the US.
The analyst consensus is for 2022 revenues of around €970 million and an EBIT margin of 5%. “Our expectations are in line with this consensus,” Macellari told analysts. “Overall, the slowdown in China is of course visible but will not compromise the company’s performance for the full year.” he added.
We can note that the group’s sales rose 23% in the first quarter, extending a recovery that began last year and exceeding market expectations. Revenues totaled €219.6 million in the period, driven by Europe and the Americas and coming in slightly above 2019 pre-Covid-19 levels.
Read also > TOD’S: BETTER THAN EXPECTED RESULTS IN 2021
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Italian luxury shoe maker Tod’s believes that analysts’ forecasts for sales and profitability in 2022 will be achievable despite the restrictions in China.
The chief financial officer of the Italian house Tod’s is optimistic for the year 2022 and considers that the analysts’ forecasts will be achievable in terms of sales and profitability, despite the slowdown of the economy and consumption in China, due to confinements.
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Italian luxury shoe maker Tod’s believes that analysts’ forecasts for sales and profitability in 2022 will be achievable despite the restrictions in China.
The chief financial officer of the Italian house Tod’s is optimistic for the year 2022 and considers that the analysts’ forecasts will be achievable in terms of sales and profitability, despite the slowdown of the economy and consumption in China, due to confinements.
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