Tod’s Hit by Weather, Uncertain Climate

MILAN — Tod’s SpA on Thursday reported a steep drop in full-year net profit as revenues remained flat, tax rates increased slightly and the company continued to invest heavily in initiatives aimed at accelerating top-line growth. In a statement released after the close of trading in Milan, where Tod’s is listed, the company — which produces Tod’s, Roger Vivier, Fay and Hogan branded shoes, apparel and accessories — said net profit in 2014 was 97.1 million euros, or $129.1 million, compared with 133.8 million euros, or $178 million, the year before. The company on Jan. 22 reported flat revenue growth of 965.6 million euros, or $1.8 billion, for 2014. Dollar amounts have been converted at average exchange for the periods to which they refer. In the statement, Tod’s chairman and chief executive Diego Della Valle said: “As already noted and commented in previous quarters, in the fiscal year 2014 our group recorded a temporary slowdown in operating profits, due to our strategic decision to continue to invest in production capacity, communication, research and, especially, in the retail distribution network, despite a particularly challenging environment, characterized by weak consumer spending in major markets for luxury goods.” Della Valle added he is “confident that in the current

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