(Alliance News) - Tod's Spa reported Wednesday that it reported first-quarter revenues up 23 percent to EUR270.5 million from EUR219.6 million in the same period of 2022.

All of the group's brands started the year with solid double-digit revenue growth, as did all product categories.

In detail, Tod's reported revenues of EUR130.2 million as of March 31 from EUR104.6 million in 2022.

Roger Vivier reported revenues of EUR68.6 million from EUR52.4 million in 2022.

Hogan is worth EUR56.8 million in revenues from EUR51.6 million in the same period last year and Fay EUR14.2 million from EUR10.9 million.

By georgraphic area, in Italy revenues amounted to EUR59.9 million in the first quarter from EUR50.9 million as of March 31, 2022.

The Greater China market, with revenues of EUR88.6 million from EUR68.5 million in 2022, has experienced a sudden rebound with the lifting of the tight restrictions imposed by the central government to deal with the Covid-19 pandemic, and is maintaining double-digit growth rates in both Mainland China and, even more so, Hong Kong and Macau.

The retail channel, which accounts for more than 70 percent of the group's sales, posted a 24 percent increase in revenues. The e-commerce channel, which is reaping the results of investments made in the digital world, is doing well.

As of March 31, 2023, the group's distribution network consisted of 333 DOS and 89 franchised stores, compared to 318 DOS and 86 franchised stores as of March 31, 2022.

Double-digit growth is also reported for revenues in the wholesale channel, with good results in all geographies, following rationalization in previous years.

"We remain focused on our main objective, which is to increase the asset value of the group and the individual brands, continuing to make all the investments in marketing, communication and managerial skills necessary to strengthen their positioning, while at the same time controlling costs and improving operational and management efficiency. We continue to invest in the production chain to ensure our products are of the highest possible quality. We also continue to develop the distribution network, with openings of selected new stores and remaining focused on improving organic growth and developing omni-channel distribution. The international macro-economic environment remains unpredictable, but considering the good sales trend in April and the excellent trend of orders for the winter collections, I am confident about the group's future results," commented Diego Della Valle, chairman and chief executive officer of the group.

Tod's on Wednesday closed 1.5 percent in the red at EUR38.24 per share.

By Claudia Cavaliere, Alliance News reporter

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