Source : EuropeanMarkets
Diego Della Valle, Chairman and CEO of the Group, commented as follows:
“Our Group achieved good results in the third quarter, which are even more meaningful if we consider the weakness of some important markets for luxury goods. We are increasingly convinced of the goodness of our multi-brand Group’s strategy, based on a portfolio of strong and distinct brands, with an offer of hand- made high quality products, recognizable and having all the elements of the Italian lifestyle. We are focused on manufacturing very exclusive products, with marketing and advertising campaigns consistent with the DNA of each brand. We are satisfied with the results we are achieving in our stores and with the customers’ feedback on the collections. We are, therefore, confident that the quality of our management, the effectiveness of our strategy and the financial resources necessary to develop our projects will bring increasingly better results. Considering the current environment, we can confirm our expectations for this year.”
Financial highlights for the first nine months
Consolidated sales were 786.9 million Euros in the first nine months of 2015, up 6.2% from the same period of 2014. At constant exchange rates, meaning by using the average exchange rates of 9 month 2014, including the related effects of hedging contracts, sales would have been 745.3 million Euros, up 0.6% from 9M 2014.
Sales totalled 271.6 million Euros in the third quarter of the year (+3.1% as compared to Q3 2014). We consider this result as positive, if we remember what has already been said by other major players in the sector, on the weakness of important markets for luxury goods, such as Greater China and, partly, the US, during the third quarter.
In the first nine months of 2015, the Group’s EBIT was 122.5 million Euros, with a 15.6% margin on sales. The incidence on sales of depreciation, amortisation and provisions increased slightly: 4.7% in 9M 2015 compared to 4.4% of 9M 2014.
At constant exchange rates, EBITDA and EBIT would have been, respectively, 144.6 million Euros (with a 19.4% margin on sales) and 109.4 million Euros (14.7% of sales).
Source : Press Release TOD's, Milan (Italy), November 11, 2015
