Tod’s in good shape

Italy

Published: 17 May, 2010

Italian shoe and bag maker Tod's said it sees rising profits in 2010, confirming a recovery in luxury goods sales seen in the United States and Asia.

Tod's, best known for its soft-pebbled loafers and luxury handbags, said on May 13 that revenue in the quarter was up 3.4%, above an average expectation of euro 199 million from seven analysts polled by Thomson Reuters.

‘I am very confident about the rest of the year and, even though I see high volatility on the markets, I think we could report further growth in revenues and profits in this fiscal year,’ chairman and chief executive Diego Della Valle said.

Sales in the first quarter grew 4.4% in Italy, the group's leading market, but dropped 5.5% in the rest of Europe.

Tod's, which opened a new shop in Los Angeles in April, said the US market was showing signs of recovery.

Source: Thomson Reuters