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The chief financial officer of the Italian house Tod’s<\/strong> is optimistic for the year 2022 and considers that the analysts’ forecasts will be achievable in terms of sales and profitability<\/strong>, despite the slowdown of the economy and consumption in China, due to confinements.<\/p>\n <\/p>\n 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.<\/strong><\/p>\n <\/p>\n However, the group is confident that it can meet analysts’ expectations for the full year 2022.<\/strong> 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.<\/strong><\/p>\n <\/p>\n The analyst consensus is for 2022 revenues of around \u20ac970 million and an EBIT margin of 5%.<\/strong> “Our expectations are in line with this consensus,<\/em>” Macellari told analysts. “Overall, the slowdown in China is of course visible but will not compromise the company’s performance for the full year.<\/em>” he added.<\/p>\n <\/p>\n 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.<\/strong> Revenues totaled \u20ac219.6 million in the period, driven by Europe and the Americas and coming in slightly above 2019 pre-Covid-19 levels.<\/p>\n <\/p>\n <\/p>\n Read also >\u00a0TOD\u2019S: BETTER THAN EXPECTED RESULTS IN 2021<\/a><\/p>\n <\/p>\n Featured photo : \u00a9 Tod’s[\/vc_column_text][\/vc_column][\/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]<\/p>\n <\/p>\n <\/p>\n The chief financial officer of the Italian house Tod’s<\/strong> is optimistic for the year 2022 and considers that the analysts’ forecasts will be achievable in terms of sales and profitability<\/strong>, despite the slowdown of the economy and consumption in China, due to confinements.<\/p>\n <\/p>\n <\/p>\n […][\/vc_column_text][vc_cta h2=”This article is reserved for subscribers.” h2_font_container=”tag:h2|font_size:16|text_align:left” h2_use_theme_fonts=”yes” h4=”Subscribe now !” h4_font_container=”tag:h2|font_size:32|text_align:left|line_height:bas” h4_use_theme_fonts=”yes” txt_align=”center” color=”black” add_button=”right” btn_title=”I SUBSCRIBE !” btn_color=”danger” btn_size=”lg” btn_align=”center” use_custom_fonts_h2=”true” use_custom_fonts_h4=”true” btn_button_block=”true” btn_custom_onclick=”true” btn_link=”url:https%3A%2F%2Fluxus-plus.com%2Fen%2Fsubscriptions-and-newsletter-special-offer-valid-until-september-30-2020-2-2%2F”]Get unlimited access to all articles and live a new reading experience, preview contents, exclusive newsletters…<\/p>\n<\/h4>\n
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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.<\/h4>\n