Tod’s Reports Robust Growth in Q1, but China Remains a Problem

, the group’s chairman and chief executive officer, said own-store revenues were particularly good in the period and higher compared with the first quarter of 2019 thanks to investments in the distribution network and a targeted communication, marketing and CRM policy.

Business is bouncing back, especially in the U.S. and Europe. The latter region saw sales increase 29 percent to 48.4 million euros at reported rates, and 27 percent to 48 million euros at constant rates. During the call, Emilio Macellari, the group’s chief financial officer, said China posted robust growth in January and February, but sales softened as soon as lockdowns were imposed in mid-March.

“We don’t know how long those stores will be closed, so we cannot say whether the second quarter will be positive for us in China,” Macellari said in response to persistent questions by analysts about future sales in the region. By contrast, sales in Japan and South Korea exceeded 2019 rates in the quarter, while U.S. retail stores and e-commerce channels have been delivering “magic,” he said.

Barclays noted the 219.6 million euro sales figure was 8 percent above its top-line estimates and 6 percent above Bloomberg consensus, with the group returning to “above pre-pandemic sales” in this quarter. after one analyst pointed out that Ferragni was a board member and was not originally supposed to do any marketing for the brand.

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