Tod’s, known for its loafer shoes, reported a full-year net loss of €73.2 million, below expectations of a €106 million loss, according to an analyst consensus published on the company’s website.

It reported an adjusted loss, before interest and taxes, of €93.7 million compared to EBIT of €3.6 million in 2019.

January sales fell by almost a third in 2020 due to lockdowns and lack of tourism in key regions due to the pandemic, marking the fifth year in a row of falling annual sales.

Tod’s founder and main shareholder Diego Della Valle said the company has increased investments in marketing, mainly in digital, in an attempt to reach the new generations of consumers and fuel future sales growth. He added that e-commerce is growing “at very high rates”.

The group decided not to pay out any dividend despite its financial strength, Della Valle said.