Operating income for the company came in at a loss of €44.9 million, though this was a strong improvement over the result of negative €123.7 million in 2020. The company notes that it remained affected by pandemic related lockdowns in the first half of the year.

Since stores began to reopen, the company reported a progressive improvement in its performance through the end of the year, effectively resuming full operations by the end of June. Meanwhile, digital revenues developed during the pandemic continue to maintain strength in the results, reaching a third of total revenues and growing by 30% over 2020.

Footwear comprised 89.8% of consolidated revenues for the year at €547 million, up 15% at constant currency rates over 2020, while apparel made up around 10% of the total at €62 million (up 9.3%).

Regionally, Italy took 25.3% of the group’s revenue share, benefiting from a lower percentage of store closures during the pandemic. Elsewhere in Europe, revenues comprised 45.7% of the total and increased by 11.2% over the previous year despite many store closures in the first half of the year.

North America posted revenue of €26.8 million, up 7.6%, despite significant closures making up 17% of the network. In the Asia Pacific region, turnover fell by 8.5%, primarily as a result of the company’s reorganisation in Japan, which resulted in the branch being closed and business being transferred to a distributor.

In China, however, revenue grew by 11% with comparable sales from direct operated stores also increasing by 11%. Revenues in Eastern Europe grew by 17.7%, driven by the performance in Russia (up 23%).

The company said: “Although still impacted by the Covid-19 pandemic, the 2021 results show a significant improvement over last year due to the double-digit growth in revenues, an increase in gross margins and a sharp and continuous reduction in costs achieved mainly as a result of the rationalisation actions undertaken in the last two years.

“The year 2021 also firmly underpins the strategic path outlined in the 2022-24 Business Plan: profitability of direct stores is improving; the contribution from the wholesale channel is growing significantly; operating costs are decreasing further; net financial debt is decreasing; and the percentage of net working capital to revenues drops from 33% to 18%.”