ITALY: Shoe revenue buoys Tod's during 1H
Italian luxury goods seller Tod's has seen interim turnover boosted by revenues from shoes but offset by leather goods and apparel declines.
The Milan-listed company said consolidated turnover was EUR358.9m in an interim statement, with a 3.4% growth versus the first half of 2008. At constant exchange rates revenues were EUR353.8m (US$504.7m), increasing by 2%.
The company, which runs the Tod's, Hogan, Fay and Roger Vivier brands, said revenue from shoes was up 7.7% to EUR260.9m in the first half of 2009, with a 7.7% growth versus the prior year period.
Sales from leather goods and accessories showed a slight growth of volumes but a 9.5% decrease in turnover to EUR59.2m.
Sales from apparel were EUR38.4m, a 1.6% decrease versus the same period of the previous year.
Diego Della Valle, chairman and CEO of Tod's, said: "The today released results confirm once again the strength of our group, which continues its growth even in a highly challenging environment. They also testify the right positioning, within the luxury goods market, of our brands, which represent the perfect mix of quality, exclusivity and usability."
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