(Alliance News) - Tod's Spa reported Tuesday that it ended 2023 with revenues up 12 percent year-on-year to EUR1.13 billion from EUR1.01 billion in 2022.

Footwear brought a 10% increase to EUR857.8 million, Leather Goods and Accessories grew 17% to EUR187.3 million, Apparel grew 17% to EUR79.1 million, and Other rose to EUR2.5 million. In Italy, sales rose by 4.9 percent to EUR263.9 million, in Europe-excluding Italy-increased by 11 percent, in the Americas by 3.5 percent, in Greater China by 24 percent, and in the Rest of the World by 7.2 percent.

In 2023, Ebitda amounts to EUR253.9 million , with a margin on revenues of 22.5 percent, up about two percentage points from 20.6 percent in 2022.

Operating income is EUR94.7 million in 2023, which is almost double the value in 2022 and equals a margin of 8.4 percent on revenues, an improvement of about 250 basis points compared to the Ebit margin in 2022.

The group's pre-tax result, net of the result of financial operations-which includes EUR19.6 million in financial expenses related to the application of IFRS16-is EUR68.3 million, more than double the balance of EUR29 million in 2022.

Consolidated net income for 2023, net of current and deferred taxation for the period, is EUR50 million, more than double the value of net income for 2022.

Total net financial debt was EUR612.2 million as of December 31, 2023 compared to EUR555 million in December 2022.

Diego Della Valle, chairman and chief executive officer of the group, said, "I am very pleased with the results presented today; in FY2023, our group recorded double-digit growth in revenues and a strong improvement in profitability. All brands grew in double digits at constant exchange rates. We are very pleased to have achieved the targets we set ourselves at the beginning of the year, even within a macroeconomic environment that is not easy internationally."

"These numbers confirm the goodness of the strategy we are following to make our products increasingly special, of great quality and very desirable. The next few years will see us committed to the consolidation of individual brands and also for this reason we felt it strategically important to share this project with the L Catterton fund by taking the group off the stock exchange, an institution with which we have always had excellent relations."

Tod's stock closed down slightly Tuesday at EUR43.00 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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