Tod’s pledges caution after Q1 fall of nearly 30%
High-end footwear brand Tod’s has confirmed in its figures for the first quarter the severe impact of covid-19 on what had been a “strong start” to the year.
Its sales revenues for the quarter were €152.8 million, a fall of almost 30% year on year.
On releasing the figures, chief executive, Diego Della Valle, said: “We had a strong start, with revenue growth in all regions, confirming that the [restructuring] work we have done was beginning to produce results. The outbreak of the epidemic in China and its rapid spread all over the world have changed every perspective and forced us to review everything, giving priority to many new problems.”
He said that, in response, the group was limiting its inventories to avoid generating unsold stock. Mr Della Valle said this prudence would continue in the second half of the year. It has carried out work on its stores during lockdown in an attempt to give them what the chief executive described as “an image of freshness and refinement”, to make them attractive when they reopen.
