Tod’s chairman and chief executive Diego Della Valle said the Italian luxury group, which owns Tod’s, Roger Vivier, Hogan and Fay, has had a good start to the year, after the company produced better-than-expected operating profits in 2022. EBIT was €58.2 million ($62.4 million), beating analyst expectations of €47 million, and net profit was €23.1 million, up from a loss of €5.9 million in 2021. Revenue rose 13.9 percent in 2022, the company said, approving preliminary sales results for the year released in January.

Despite profit gains, the group’s board decided not to distribute dividends.

”In 2022, we successfully laid the foundations for future turnover’s growth … " said chairman and chief executive Diego Della Valle. “Now that the organization structure is ready and the necessary investments are underway, we expect a growth in turnover in the medium term and, subsequently, very satisfactory profitability.”

The Della Valle family scrapped a buy-out plan in Oct. 2022 after it failed to reach the 90 percent ownership threshold required to take the company private.

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Della Valle Family Scraps Tod’s Buyout, Shares Plunge

The founding family of Italian luxury shoemaker Tod’s said on Wednesday it would not proceed with a planned buyout of the company after failing to reach the 90 percent ownership threshold needed to take it private.